Etisalat announces net profit of Dhs8.6bn

[LahoreEstate]

Friday, January 30, 2009
By our correspondent

KARACHI: Etisalat announced on Thursday that it had made an annual net profit of Dhs8.665 billion in 2008.

It showed a growth of 19 per cent over 2007 figures, when the Group recorded Dhs7.297 billion in net profit.

During the fourth quarter of 2008, the Group posted a net profit of Dhs2.1 billion, before year-end adjustments, reflecting an increase of 18 per cent as compared to the same period in 2007.

Its net revenues totalled Dhs26.119 billion during the year, 22 per cent higher than Dhs21.340 billion in 2007.

During the fourth quarter of 2008, net revenues stood at Dhs7.1 billion against Dhs6 billion in 2007, reflecting an increase of 18 per cent.

Total assets also increased from Dhs52.4 billion in 2007 to Dhs62.1 billion, growing 18 per cent. Earnings per share increased from Dhs1.22 in 2007 to Dhs1.45 in 2008 after the issuance of 998.25 million bonus shares at a ratio of 1:5 in 2008.

Etisalat Chairman Mohammed Hassan Omran said: “The significant results achieved by Etisalat in 2008 reflect the company’s ability to manage and sustain growth as we pursue our ambition to become one of the top ten telecommunications companies in the world.”

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