Etisalat announces US$670 million in net profits

Emirates Telecommunications Corporation (Etisalat) has announced a 17% rise in net profits for 2003 to US$670 million (Dh2.458 billion) with total revenues touching US$2.5 billion, an increase of 17% from 2002.

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By  Maddy Reddy Published  March 3, 2004

Emirates Telecommunications Corporation (Etisalat) has announced a 17% rise in net profits for 2003 to US$670 million (Dh2.458 billion) with total revenues touching US$2.5 billion, an increase of 17% from 2002. With more than 1.2 million fixed lines, 2.6 million GSM users and 300,000 internet subscribers, the state-run telecom company’s total asset base stood at US$4.8 billion in 2003, up from US$4.3 billion dollars from the previous financial year. Earnings per share (EPS) increased to US$2.6 from US$2.2 in 2002 for the state-owned monopoly service provider. As per cabinet decision No. 325/28M made in 1998, Etisalat pays 50% of its net profit every year i.e. US$670 million to the UAE government’s federal budget. 10% of this annual royalty or US$67 million goes to H.H. Sheikh Zayed’s Housing Fund. These payments are part of Etisalat’s obligations when it was established in 1976. With the an increase in the uptake of its new mobile services such as 3G, MMS, UMTS and value added GSM services launched last year, the telco is expected to have substantial increase in its revenues for 2004.

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