Etisalat targets 22 per cent subscriber growth to end-2010

Etisalat’s chairman believes the UAE telco is on track to reach 100 million subscribers by 2010, up from 74 million as of end-September 2008, and representing a growth rate of 22 per cent over the next two-and-a-quarter years.

Speaking recently, Mohammad Omran commented that the telco is in its strongest position ever and is on course to achieve its goal of being one of the top 10 operators in the world by 2010.

Omran believes entry into the Indian mobile market will help drive Etisalat’s bid for 100 million subscribers by 2010

Earlier in October Etisalat reported its consolidated financial results for the third quarter of 2008, showing significant growth in revenues, profits and subscriber numbers. The company reported AED 2.1 billion (US$572 million) in group net profits for the third quarter – an increase of 19 per cent year-on-year. This performance took net profits for the first nine months of 2008 to AED 7.3 billion.

Etisalat recorded net revenues of AED 6.6 billion for the third quarter of 2008 and AED 19.1 billion in total for the first nine months of the year. This represented an increase of 24 per cent, compared to the third quarter of 2007.

“Our acquisition in India has opened yet another key market, which will help power Etisalat’s growth,” commented Omran, referring to Etisalat’s acquisition of a 45 per cent stake in Swan Telecom in India for US$900 million in September. “We are also delighted to have received our first ratings from Moody’s, Standard & Poor’s and Fitch Ratings – which places us in a very strong position to continue our international expansion.”