Licence to print money – Etisalat reports financial results for H1

Etisalat announced consolidated financial results for the group for the second quarter of 2008, which showed strong growth in revenues, profits and subscriber numbers.

Etisalat reported net profit of US$1.4 billion for H108 alone

The telco reported AED2.995 billion (US$816 million) in net profits for the second quarter, taking net profits for the first half of 2008 to AED5.12 billion. This figure represents an increase of 37.1 per cent on 2007 numbers.

Net revenues for Q208 amounted to AED6.38 billion and AED12.44 billion for the first half of the year, an increase of 24 per cent year on year.

“Etisalat’s results in the first half of the year and in the second quarter in particular, have been excellent,” commented Etisalat chairman Mohammad Omran. The telco reported that in the UAE alone, mobile phone subscribers reached 6.83 million at the end of June, representing an increase of seven per cent compared to the end of 2007. The total number of Etisalat fixed line customers in the UAE reached 1.35 million, with the number of Internet customers having reached 1.02 million.”