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Etisalat Announces Half Year 2011 Profits Of AED 3.41 Billion
Published Jul 18, 2011
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Etisalat announced a Group net profit after federal royalty of AED 3.41 billion for the six month period ended 30 June 2011.
Group revenue of AED 15.97 billion was in line with prior year. Revenue earned from international operations contributed 25 percent to overall revenue exhibiting a 17 percent increase on the prior year. The group continued to deliver strong shareholder returns yielding an Annualized Return on Equity of 16 percent over the first half of this year.
Etisalat also announced today an interim dividend of AED 0.25 per share, in line with previously issued dividends.
Commenting on the Group's result Etisalat Chairman Mr Mohammad Omran said: "Our performance over the half year is in line with our expectations and enabled us to continue to generate consistently high value to our shareholders."
The group's global subscriber base continued to grow, exceeding 140 million as of June 30 2011 and increase of 20 percent on the prior year, driven predominately by international operations.
Mr. Omran said: "Despite recent political and economic unrest in some of our key markets, Etisalat witnessed an increase in both revenue and subscriber numbers in our international operations. Such a result reinforces our position as an internationally diversified telecommunications operator."
Commenting on Etisalat's commitment to network upgrade and enhancement, Mr Omran said: "Etisalat incurred capital expenditure of AED 1.92 billion during the half despite a 12 percent decline in profit, evidencing our continued commitment to pioneering and delivering leading telecommunications technologies to our global subscriber base.
"Etisalat is now performing the final phase of trials on the advanced Long Term Evolution (LTE) network in order to commercially launch the service in the third quarter of this year. We are proud to be the first country in the Middle East to launch the LTE service with the first phase covering all Key areas in the UAE through 800 base stations.”
Etisalat maintained its strong capital base supported by a robust cash position of AED 10.8 billion as of 30 June 2011. The Group remained well funded with sufficient liquidity to service debt and finance capital expenditure across its global footprint.
For further information:
Asad Salem Al Mayahi
Manager Media Relations
Tel: 02 6184158
Fax: 02 6181160
Email: aalmayahi@etisalat.ae
Website : www.etisalat.ae
Posted by
VMD - [Virtual Marketing Department]
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