Etisalat Announces Financial Results For the Third Quarter of 2009

Published October 18th, 2009 - 12:52 GMT

Etisalat today announced its group condensed, consolidated, interim financial results for the first nine months of 2009 revealing a net profit of AED 6.85 billion. The net profit for the same period in 2008 was AED 7.189 billion which included an “exceptional income” after federal royalty profit on sale of shares in Mobily of AED 892 million. Excluding this exceptional item, the net profit shows an increase of AED 550 million (9%) for the nine months ended September 2009, higher than the same period in 2008.
Etisalat recorded net revenues of AED 22.107 billion for the first nine months of 2009. The net revenues for the same period in 2008 were AED20.805 billion. Total assets recorded were AED 38.367 billion, an increase of 8% compared to 31 December 2008 results which were recorded as AED 35.620 billion.  Earnings per share for the nine months showed a decrease of AED 0.05 quarter, from AED 1.00 to AED 0.95. Excluding the exceptional item, earnings per share showed an increase of 0.07 from AED 0.88 to AED 0.95.
These results come after Etisalat announced that it has acquired 100 per cent of Tigo Sri Lanka, the Sri Lankan unit of Nasdaq-listed Millicom International Cellular SA, for $207 million (Dh759.69 million).
“Etisalat is studying the opportunities of growth in some markets across Africa, Asia, the Middle East and the wider Arab world. This study includes the population, penetration rates, the possibility of providing added value, as well as measuring the purchase power in these markets. Additionally Etisalat is studying its operational policy, the required infrastructure, and investment appeal for each of these countries.”

“At this time, Etisalat is unlikely to look at European countries due to the lack of growth opportunities and limited openings there,” Omran added

Omran also pointed out that Etisalat continues its strategic approach which aims at creating affiliations and enlarging the group’s business in order to increase the number of its subscribers and market value.

Mohammed Khalfan Al Qamzi, Chief Executive Officer at Etisalat, said: “Etisalat’s subscriber base continues to grow and we continue to deploy new policies to help identify new sources of revenue and launching new technologies, this helps in increasing the rates of services usage even through the economic stress and its indirect effect on the company.”
“The number of mobile users in the UAE has reached 7.44 million, and fixed line telephone subscribers reached 1.31 million.Etisalat’s internet customer base also continuing to grow reaching 1.27 million, showing an increase of 10% over the results of the same period in 2008,” Al Qamzi added.


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