Etisalat records 18% profit growth in Q408

Etisalat today reported that during the fourth quarter of 2008 it recorded a net profit of AED 2.1 billion (US$572 million), before year-end adjustments, reflecting an increase of 18 per cent as compared to the same period in 2007. Etisalat also reported total annual net profit of AED8.665 billion, up 19 per cent year on year, while net revenues for the year amounted to AED 26.119 billion, up 22 per cent.

Omran believes new licences such as the one awarded in India will support the development of Etisalat into the future

Net revenues in Q408 amounted to AED 7.1 billion, up from AED 6 billion for the same quarter a year earlier, reflecting an increase of 18 per cent.

“Acquiring new licences in Iran and India provides us with significant growth opportunities, and will support the development of our company for many years to come,” commented Etisalat chairman, Mohammad Omran.

At the end of 2008, the number of Etisalat mobile subscribers in the UAE grew 14 per cent year-on-year to 7.3 million, fixed line subscribers grew three per cent to 1.36 million and Internet subscribers grew 31 per cent to 1.15 million.