Business | Telecoms
etisalat announces Dh2.99b net profit
etisalat has reported Dh2.99 billion in net profit for the second quarter. This takes net profit for the first half of 2008 to Dh5.11 billion, an increase of 37.1 per cent on 2007 figures.
- Staff Report
- Published: 00:08 July 15, 2008
Abu Dhabi: etisalat has reported Dh2.99 billion in net profit for the second quarter. This takes net profit for the first half of 2008 to Dh5.11 billion, an increase of 37.1 per cent on 2007 figures.
Net profit in the second quarter of 2007 was recorded at Dh1.89 billion and Dh3.73 billion for the first half of 2007.
etisalat recorded net revenues of Dh6.38 billion for the second quarter of 2008 and Dh12.44 billion in total for the first half of the year. This shows an increase of 24 per cent compared to Dh10.05 billion in the first half of 2007.
At the close of the second quarter the company's total assets were at Dh30.70 billion, up 19 per cent from last year. Profits per share for the first six months increased Dh0.85 against Dh0.62 for the same period in 2007.
Compared to the same period last year, the operating profit excluding the impact of Federal royalty on gains on disposal of shares in an associate (Etihad Etisalat Company) rose by Dh555 million to Dh4.03 billion.
"etisalat's results in the first half of the year, and in the second quarter in particular, have been excellent. Our subscriber numbers continue to grow strongly and in the UAE. Mobile phone customers have reached 6.83 million customers, an increase of seven per cent compared to the end of 2007. We are also pleased to see that the number of total fixed line customers with etisalat is now 1.35 million and that the number of internet customers has now reached 1.02 million," said Mohammad Hassan Omran, chairman of Etisalat.
In accordance with the Saudi Royal Decree establishing Etihad Etisalat Company, the founding shareholders were required to reduce the shares by 20 per cent within the first three years of the company's incorporation. Accordingly etisalat reduced its equity interest in Etihad Etisalat from 35 per cent to 26.25 per cent.
Mobile phone customers have reached 6.83 million, an increase of seven per cent compared to the end of 2007."
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