Etisalat’s earnings leap 19% to Dh4.5 billion

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Etisalat’s earnings leap 19% to Dh4.5 billion

Emirates Telecommunications Corporation’s consolidated earnings grew 19 per cent year-on-year to Dh4.5 billion in the first half of the year.

By Haseeb Haider

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Published: Mon 21 Jul 2014, 11:15 PM

Last updated: Tue 7 Apr 2015, 10:24 PM

The telecom giant’s consolidated revenues reached Dh12.6 billion in the second quarter representing positive results after the acquisition of Maroc Telecom earlier in May, the telecom said on Sunday evening.

Consolidated revenues of the company known as etisalat during the second quarter of 2014 amounted to Dh12.6 billion, representing a 27 per cent increase from the same period last year.

Its aggregate subscriber base grew by 27 per cent year-on-year to reach 182 million by end of June 2014, benefiting from the consolidation of Maroc Telecom.

The board of directors at a meeting has approved an interim dividend at the rate of 35 fils per share for distribution for the six months for the period ended June 30, 2014. This is subject to final approval at the annual general assembly.

Eissa Al Suwaidi, chairman of etisalat, said: “The overall remarkable performance shows our dedication to become the leading and most admired emerging market telecom group.”

Etisalat completed buying the 53 per cent of Vivendi’s share in Maroc Telecom for €4.138 billion, which was marked as the largest ever M&A deal in Morocco, and the largest Mena cross-border deal and largest ever telecom transaction in North Africa.

“The key development for this quarter was completing the acquisition of Vivendi’s 53 per cent shareholding in Maroc Telecom, which we are confident it adds a great value to etisalat and its shareholders, besides the other key developments we witnessed in different markets, and it will have a transformational impact on Etisalat and its key financials,” Al Suwaidi said. “Maroc Telecom is a well-run company, and this acquisition is the largest deal in the history of our great company and a truly exciting moment for us all,” the chairman said.

The telecom’s Pakistan subsidiary, PTCL, acquired a 3G licence and its mobile phone unit Ufone was the first operator to launch 3G services.

Ahmad Abdulkarim Julfar, the chief executive officer of the etisalat Group, said: “This acquisition marked the largest and most complex deal in the history of etisalat, and will completely change the telecoms landscape in Africa; it is one of the largest cross-border M&A transactions in the Mena region of all time, and it expands etisalat’s reach to 19 markets.”


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