Etisalat first-quarter profit up 24%

Telecommunications company reports net revenues of US$826.6 million

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By  David Robinson Published  April 12, 2005

Etisalat (Emirates Telecommunications Corporation) has reported net revenues of Dh3,036 million (US$826.6 million) and a net profit of Dh1,020 million in the first quarter of 2005. This represents increases of 23 and 24% over the same period last year, said Etisalat CEO Mohammad Hassan Omran. Total assets have grown by Dh2,711 million or 15% over last year. Omran said earnings per share increased by 22% to 0.28 from Dh0.23, when compared to the same period in 2004. GSM or mobile subscriptions increased over the same period last year by 23%, to 3.9 million lines, representing an overall mobile penetration rate in the country of 90%. Fixed lines also increased by four per cent to 1.2 million lines and Internet connections by 20% to more than 430,000 connections. Internationally, Ettihad Etisalat (Mobily) has announced it is within weeks of launching its GSM network in Saudi Arabia. The corporation is also pursuing plans to participate in telecoms projects in Turkey, and Pakistan, with more to be announced. Etisalat has continued to maintain its excellent growth record in all major areas in the first quarter of 2005 and anticipates yet another year of good performance.

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