Friday, January 30, 2009

Etisalat Profits Soar by 19%

Middle East and Africa operator Etisalat said that its annual net profit surged 19 percent to AED 8.7 billion, from AED 7.3 billion in 2007. The group recorded a net profit of AED 2.1 billion during the fourth quarter, before year-end adjustments, reflecting an increase of 18 percent.

Net revenues for 2008 rose 22 percent to AED 26.1 billion, while fourth-quarter sales stood at AED 7.1 billion, up 18 percent year-on-year.

The company's recent acquisition of licences in Iran and India is expected to drive growth in the years ahead. In its home market the UAE, the number of Etisalat mobile subscribers grew 14 percent compared to 2007 to reach 7.3 million, fixed-line subscribers grew 3 percent to 1.36 million and internet subscribers grew 31 percent to 1.15 million. 

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