Etisalat net profit rises 33pc in H1

ABU DHABI — Etisalat yesterday announced net profit of Dh3.732 billion during first half of 2007, reflecting a growth of 33 per cent over the same period last year.

By A Staff Reporter

Published: Thu 12 Jul 2007, 9:12 AM

Last updated: Sat 4 Apr 2015, 10:19 PM

The board of directors has also declared an interim dividend at the rate of 25 per cent on the par value of each share.

"Distribution of dividends will commence from July 26, 2007, and will be paid to all shareholders registered in the shareholders register at the close of business on July 19, 2007," says a statement by Etisalat.

The company's consolidated profit for the period was recorded at Dh10 billion, showing an increase of Dh2.3 billion, approximately 30 per cent over 2006 figures.

Earnings per share rose to Dh0.75 in the first half of this year from Dh0.56 in the corresponding period of last year. Net assets increased in value by 18 per cent in the period, reaching Dh25.2 billion by end of June 2007. Capital expenditure for Etisalat Group reached Dh1.4 billion during this period.

Mohammad Hassan Omran, Chairman of Etisalat, said: " We achieved financial results exceeding expectations and continue to achieve strong results supporting our continued leadership in the region's telecommunications industry."

"Since the end of June 2006, we have grown the market for mobile services and recruited over 1 million additional mobile subscribers, taking the total to 5.99 million mobile subscribers," he said adding that penetration of Etisalat's mobile service in the UAE now stands at 142 per cent.

"At the end of June 2007, fixed line services reached 1.31 million lines and Internet subscribers reached 800 thousand lines. The 2.5 million Internet users in the UAE represent a penetration rate of 60 per cent," Omran added.

Mohammed Al Qamzi, CEO, Etisalat, said: "In the last six months we have launched many services including Etisalat Pushmail and international calling plans, all designed to offer our customers choice and improve their lives. Blackberry subscribers also increased to 15,000, enabling the UAE's executives to remain productive on the move

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