US$278 million profit for Etisalat

This represents an increase of 24% over the same period last year, according to Mohammad Hassan Omran, CEO of Etisalat.

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By  Angela Prasad Published  April 14, 2005

Etisalat has secured a strong growth in all major areas in the first quarter of 2005. Its net profit for the first quarter is US$278 million. This represents an increase of 24% over the same period last year, according to Mohammad Hassan Omran, CEO of Etisalat. Total assets of the company have grown by 15% over last year. Omran says the earnings per share increased by 22%, when compared to the same period in 2004.GSM or mobile subscriptions increased by 23% over the same period last year to 3.9 million lines, representing an overall mobile penetration rate in the country of 90%. Fixed lines also increased by 4% to 1.2 million lines and internet connections went up by 20% to more than 430,000 connections. Globally, Ettihad Etisalat (Mobily) has announced the launch of a GSM network in the Kingdom of Saudi Arabia (KSA). The corporation is also pursuing plans to participate in telecoms projects in Turkey and Pakistan.

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