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Etisalat Recommends 35pc Dividend

The telecom company had earlier distributed an interim dividend of 25 per cent for the first half of 2008. The board at its meeting on Monday also recommended a 10 per cent bonus shares.

Etisalat’s chairman and board members showed their satisfaction over the group’s outstanding performance for the year 2008, with a net revenue of Dh26.1 billion and net profit of Dh8.665 billion, an increase of 22 per cent and 19 per cent respectively over 2007.

Mohammed Omran, chairman of Etisalat, said that the telecom firm’s financial results during the year 2008 met expectations. “We achieved excellent results both financially and operationally in all our markets. Etisalat now provides services in 17 markets across the Middle East, Africa and Asia, targeting to reach among the top ten telecom firms in the next two years.”

Etisalat would make forays into Indian market this year by launching its services, he added.

India Etisalat has carved a balanced portfolio of investments in West and South Asia, the Middle East and Africa.

Speaking about the overall international investment portfolio, Omran said: “We have also restructured the company in order to optimise our ability to manage overseas operations.”

The new structure, he said “would help the company to monitor and enhance performance across all our operations inside and outside the UAE.”

In 2008, Etisalat has seen an outstanding operational performance that led to growth in all its business areas. The number of mobile users in the UAE has reached 7.3 million, a growth of 14 per cent over 2007. Fixed-line subscribers also witnessed a three per cent increase over 2007, with the number now totalling 1.36 million, while the Internet subscriber base reached 1.153 million by the end of 2008.

· haseebhaider@khaleejtimes.com