Etisalat’s performance applauded at AGM

Minister of Finance and company chairman HE Dr Mohamed Khalfan bin Khirbash acknowledges the strides made by the corporation

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By  Shankar Sharma Published  March 30, 2005

Emirates telecommunications corporation Etisalat, has held its annual general meeting (AGM) at its head office in Abu Dhabi. Addressing the event was HE Dr Mohamed Khalfan bin Khirbash, Minister of Finance and Chairman of Etisalat, who highlights the accomplishments of 2004, which are now leading the way to a bright future for the company. Etisalat’s strong performance over the past twelve months has witnessed the company expand from a national institution into a global corporation. It provides state-of-the-art services to the domestic market, leads the region’s telecommunications sector and competes on an international scale. A fact not gone unnoticed by Dr Khirbash. “Communications in the UAE and the technology that drives it is second to none,” he states. “This has impacted positively on businesses and helped fuel record levels of growth.” Dr Khirbash congratulates CEO Mohammad Hassan Omran and his executive team for adopting of a three-pronged strategy to achieve sustained growth in the coming open market. The chairman also confirms that Etisalat is ‘fine tuning’ its corporate products and services to be more customer-centric in order to meet with the prospects of competition. New products and services have been developed that will be introduced in the coming months. In addition, Dr Khirbash praises the creation of Etisalat International, the new section of the company designed to carry the corporation into international markets. This it achieves through acquisition, strategic investment and the creation of new partnerships and alliances. The Corporation has invested over AED 1.7 billion for a stake in Etihad Etisalat, Saudi Arabia’s second GSM and 3G operator. The year ended has also witnessed a 19% increase in profits to AED 3.5billion, and earnings per share climb to AED 10.4. This follows the announcement of a 50% dividend for the whole year (AED 1.650Billion) and share split, thus retaining the corporation’s status as one of the most active stocks in trading on the UAE exchange.

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