Etisalat posts $2.4bn net profit for 2009

Etisalat on Sunday announced net profits of AED8.8bn ($2.4bn) for 2009, compared to AED8.5bn recorded the previous year.

In a statement, the company said it achieved revenues of AED30.8bn, an increase of five percent on 2008.

Total assets for the group increased by 13 percent to AED40.4bn compared to AED35.6bn in 2008, it added.

Mohammed Omran, chairman of Etisalat, said: "Etisalat has enjoyed another successful year in 2009. This is in spite of the difficult economic circumstances which the world's economy continues to face.

"These results highlight that Etisalat has followed the correct strategy by following a selective policy in our international investments."

He added that Etisalat had continued its strategy of developing new sources of income and had also been successful in reducing operational expenditure.

Mohammed Khalfan Al Qamzi, CEO, added that the number of mobile users in the UAE exceeded 7.74m in 2009, with an increase of 6 percent against the same period in 2008.

Fixed line subscribers reached 1.31m and Etisalat's internet subscriber base grew 16 percent over the year reaching 1.33m million in December 2009.