Etisalat net profits grow 19% to Dhs8.7b in 2008

Etisalat announces preliminary financial results for the period ending 31st December, 2008

Etisalat today announced its preliminary results for 2008, reporting total annual Net Profits of Dhs8.665bn. This shows a growth of 19% over 2007's figures, when the Group recorded Dhs 7.297bn in Net Profits.

During the fourth quarter of 2008 the Group recorded a Net Profit of Dhs 2.1bn, before year-end adjustments, reflecting an increase of 18% as compared to the same period in 2007.

Etisalat also reported Dhs 26.119bn in Net Revenues for 2008, 22% higher than 2007’s results of Dhs 21.340bn. Etisalat's Net Revenues during the fourth quarter of 2008 stood at Dhs 7.1bn as against Dhs 6bn in 2007, reflecting an increase of 18%.

Total assets also increased from Dhs 52.4bn in 2007 to Dhs 62.1bn, growing 18%. Earning per share has increased from Dhs1.22 in 2007 to Dhs1.45 in 2008 after the issuance of 998.25mn bonus shares in the ratio of 1:5 in 2008.

Mohammed Hassan Omran, Chairman of Etisalat, said: "The significant results achieved by Etisalat in 2008 reflect the company's ability to manage and sustain our growth as we pursue our ambition to become one of the top ten telecommunications companies in the world. Etisalat is now regarded as one of the strongest players in the telecom market, both regionally and internationally. This has been achieved by our commitment to implement the best international standards at all business levels."

"Acquiring new licenses in Iran and India provides us with significant growth opportunities, and will support the development of our company for many years to come," he added.

Mohammed Khalfan Al Qamzi, Chief Executive Officer at Etisalat, said: "Etisalat's consistently strong performance is a direct result of our extensive operational achievements at home and abroad. At the end of 2008, the number of Etisalat mobile subscribers in the UAE grew 14% compared to 2007 to reach 7.3mn, fixed line subscribers grew 3% to 1.36mn and Internet subscribers grew 31% to 1.15mn."