Studying growth opportunities in markets across Africa, Asia, the Middle East and the wider Arab world
UAE Telecom major Etisalat has reported net revenues of AED22.1 billion in the first nine months of 2009, compared to AED20.8 billion in the same period last year.
The company posted a net profit of AED6.85 billion in the first nine months of 2009, compared to AED7.19 billion in the same period last year.
The company said that last year’s result included an ‘exceptional income’ after federal royalty profit on sale of shares in Mobily of AED892m. Excluded this exceptional item, the net profit for the nine months ended September 2009 would be 9% higher than the same period last year.
During the quarter, total assets recorded were AED38.36 billion, an increase of 8%, compared to December 31, 2008 results which were recorded as AED35.62 billion. Earnings per share for the nine months showed a decrease of AED 0.05, from AED1.00 to AED0.95. Excluding the exceptional items, earnings per share showed an increase from AED0.88 to AED0.95.
Mohammad Omran, chairman of Etisalat, said: “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.”
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, Mr Omran added.
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.”