Etisalat Announces H1 2010 Financial Results

Etisalat today announced its consolidated financial results for the first six months of the year 2010, Growth of 2% in Etisalat net consolidated revenues to reach AED 16 billion compared to AED 15.7 billion recorded during the same period in 2009. Etisalat recorded net profit of AED 3.9. billion for the group compared to AED 4.6 billion recorded during the same period in 2009.

Net assets also increased by 2.5% to reach AED 41.4 billion compared to AED 40.4 billion recorded last year. Earnings per share have reached AED 0.49 during the first half of year 2010.

In the second quarter, Etisalat’s Net Revenues were AED 8.1 billion and Net Profits were AED 1.9 billion compared to AED 8.1 billion and AED 2.4 billion in the same period last year.

Etisalat has 7.8 million mobile subscribers in the UAE, 1.28 million fixed-line subscribers and 1.39 million Internet subscribers at the end of the first half.

Commenting on these results, Mohammad Omran, Chairman of Etisalat, said: “Etisalat has followed a powerful strategy to offset the potential impact of today’s global economic conditions which continue to effect the results of companies around the world. We have seized opportunities to stand strong and have faced all the challenges and continue to achieve exceptional results.”

“The international markets have seen a great deal of fluctuation, but in spite of this we have been able to deal with this situation through a practical strategy which is based on maximizing positives and reducing the negative impact as much as possible. Despite the unique circumstances that the global economy finds itself, we have received strong contributions from our international subsidiaries well in advance of the business plan. This encourages us to continue our international expansion worldwide.”

Nasser Bin Obood Al Falasi, Acting CEO for Etisalat, said: “Since 2005 Etisalat has followed a strategy that looks to diversify its income in the UAE. We have done this by launching new services to increase revenue and reducing our reliance on mobile. Most recently we have introduced the latest broadband services which are supported by our fiber-to-the-home network.”

“Etisalat has followed a strategy which is appropriate to the economic circumstances that we have faced. This involved achieving vertical growth in the minutes and activating the packages and offers which increase usage of broadband services. Additionally we launched new bundles and services based on the FTTH network such as the 50 fils international calls offer, increasing the availability and capacities of Internet and TV services while providing added value and innovation to our customer service channels.”
 

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