Net revenue up 10% over the same period a year-ago
UAE Telecom major Etisalat has posted a net profit of AED4.59 billion for the first half of 2009, compared with AED5.045 billion for the same period last year.
The company said that its last year’s result included income of AED892m from the sale of shares in Saudi mobile operator Mobily. It said that if profit from the sale of shares is excluded, then the net profit for the six months ended June 2009 would be 11% higher than the same period last year.
For the first half of 2009, the company has reported net revenue of AED14.74 billion, up 10% compared to AED13.408 billion for the same half of 2008. The total assets recorded were AED67.245 billion, an increase of 7%, compared with AED62.918 billion for the same period previous year. Earnings per share for the first half of 2009 is AED0.64 against AED0.70 (AED 0.58 excluding exceptional item) for the same period in 2008.
Mohammad Omran, chairman of Etisalat, said: “The growth in revenues achieved will help us expand and develop our national and international business units.
“We have reduced our operational expenditure in the period and have become even more selective in choosing our international investments. We are achieving this by making use of the current financial environment and searching for positive opportunities that arise during these times.”
Etisalat has more than 85 million subscribers from geographical base of 1.7 billion people and expects the number of subscribers to reach to 100 million during 2010, Omran added.
Mohammed Khalfan Al Qamzi, chief executive officer at Etisalat, said: “Mobile penetration in the UAE has exceeded 200%. This high penetration rate reduces the opportunities for growth in number of subscribers, and gives a chance for cumulative growth in terms of rates, minutes of use and data traffic through mobile phones and 3G services that Etisalat provides.”