Etisalat's profits up 24%

Etisalat has announced profits of AED2.87 billion for the first eight months of 2005, and is projecting full-year profits of AED4.2 billion.

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By  Eliot Beer Published  October 4, 2005

Etisalat has announced profits of AED2.87 billion (US$782 million) for the first eight months of 2005, up 24% on the same period last year. The company projected full-year profits of AED4.2 billion (US$1.14 billion), in line with the increase seen in the first two-thirds of 2005. These results were announced at a board meeting yesterday, the first under HH Mohammad Hassan Omran, chairman and CEO of Etisalat. The company praised the hard work done by all its employees, saying they had played a major role in translating the business activities of Etisalat into profitable achievements. The board of directors also made a special mention of the support given to Etisalat by HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi. The board says His Highness’s leadership of the UAE had created a stable business environment and allowed Etisalat to create firm foundations for development. The firm particularly welcomed the support and confidence he expressed through the recent reformation of its board. Etisalat’s expansion abroad has also contributed to its success, according to the board; its operation in the Kingdom of Saudi Arabia has attracted 1.5 million subscribers in five months. The board also considered the intended acquisition of shares in telcos in Turkey and Tunisia. The state-owned operator has been working hard recently to prepare itself for the entrance of a second telco in the UAE market. This new entrant, nominally called WAM, will be partly government-owned, and is expected to be officially launched soon.

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