Etisalat secures US$ 1billion profit in 2004
Etisalat says mobile connections in the United Arab Emirates have increased by 24% to 3.7 million lines.
Etisalat has achieved record revenues of US$2.9 billion and a net profit of approximately US$1 billion for the year 2004. The revenue and net profit for the year have shown steady growth over 2003 by 13% and 19% respectively.
Etisalat has attributed the success to continued strong growth in all major business areas during 2004.According to Etisalat, mobile connections in the UAE have increased by 24% to 3.7 million lines. This relates to a penetration rate of 88%, which is comparable with the most advanced countries in the world.
Fixed telephones have increased by 5% to 1.2 million lines. Internet connections increased to more than 400,000 accounts during the year, while the company’s popular Short Messaging Service (SMS) reached almost 900 million and Multi Media Service (MMS) more than 300,000 customers.
The year also saw Etisalat embark on several expansion projects both in the region and around the world. The corporation was the successful bidder of the second GSM license in Saudi Arabia. It also established a new joint stock company called Ettihad Etisalat in association with several Saudi partners as well as Saudi national shareholders.
Kanartel, a consortium led by Etisalat, also won a license to operate fixed telephone and data communication services in Sudan. These investments are in addition to the corporation’s existing interests in Thuraya (Thuraya Satellite Telecommunications Company PJSC), Zantel (Zanzibar Telecom Limited), Sudatel (Sudan Telecommunications Company Limited) and Q-Tel (Qatar Telecom QSC).
During the year, Etisalat’s subsidiary company, Emirates Telecommunications and Marine Services FZE (e-marine), acquired its third cableship, the NIWA.
2004 also saw the merger of Comtrust, Etisalat’s online services and solutions arm with Emirates Internet and Multimedia (EIM), the former internet services business unit. The merger resulted in the formation of eCompany, a one-stop e-business powerhouse for all online services.