During a Board Meeting held today (Tuesday 22nd February) at Etisalat Head Office in Abu Dhabi, Etisalat’s Board confirmed the distribution of dividends at 35% par value of dividends profits for the second half of 2010. The Board members also discussed revenues and profits of the fiscal year 2010.

Etisalat has earlier distributed dividends at 25% for the first half of 2010, taking the total dividend for 2010 to 60%.

Etisalat’s Chairman and Board Members praised the financial results for the year 2010, with net revenue of AED 31.9 billion, which is 2% higher than year 2009 Net Revenues of AED 31.3 billion. Net assets for 2010 also recorded a 5% growth over 2009 from AED 40.4 billion to AED 42.6 billion. Etisalat also announced a net profit of AED 15.2 billion, before deducting royalty fee amounting to AED 7.6 billion, which is 50% of total net profit. Earnings per share reached AED 0.97 during 2010.

Mohammed Hassan Omran, Etisalat’s Chairman commented on the financial results achieved by the corporation during 2010 in light of the UAE’s telecom sector that has witnessed radical changes and an increase in competition. In addition, the saturation of the UAE’s mobile market with mobile penetration reaching over 200% has caused a slow-down in the growing number of mobile subscribers.

Omran commented, “Etisalat’s financial results in 2010 reflect the corporation’s long-term expansion strategy that began over five years ago. While local markets have reached saturation, the international markets have tremendous potential and Etisalat has started to reap the benefits of its international investments. The increasing contribution in revenues generated from international markets shows the importance of this expansion plan and clearly points out the positive impact it has on the financial results. The growth of the international group revenue, excluding the UAE, has reached 46% as compared to 2009.

These markets continue to hold promise in coming years, thereby reflecting the success of Etisalat’s strategy that aims to maintain a stable rate of growth, revenues and profit margins, benefiting both the corporation and all our stakeholders.”

Omran further added that Etisalat has been successful in being one of the leading telecom service providers globally because of the corporation’s commitment to anticipate market conditions well ahead in time and formulate winning business strategies. “We want to play a bigger role in the region through our growing operations in 18 countries across Asia and Africa, in addition to the expected acquisitions this year.”

“On the operational front”, highlighted Nasser Bin Obood, CEO, Etisalat, “we continue to achieve milestones and successes by building the UAE’s first and region’s widest 4G LTE network, bringing the nation in league with the world’s top countries that provide 4G services to their customers”.

Obood pointed out that on the network and coverage front, the organization always aims to be the customer’s first and preferred choice by providing them with best-in-line services through the widest network in the country. Etisalat’s international roaming network includes 620 telecommunication networks globally, in over 190 countries, making it the MENA’s widest roaming network. Etisalat’s mobile network covers the entire nation, while the country’s widest 3G network covers 99% of the UAE’s populated area.
 

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