Etisalat announces 3rd quarter results

The results showed a significant growth in revenues, profits and subscriber numbers. The company reported Dhs2.1bn in group net profits for the third quarter - an increase of 19 % on 2007 figures. This takes net profits for the first nine months of 2008 to Dhs7.3bn.

Etisalat recorded net revenues of Dhs6.6bn for the third quarter of 2008 and Dhs19.1bn in total for the first nine months of the year. This shows an increase of 24 %, compared to the third quarter of 2007 Dhs1.3bn). Total assets recorded were Dhs32.5bn an increase of 26 % (Dhs6.6bn) compared to last quarter 3 2007.

Etisalat announced its acquisition of 45% of "Swan Telecom", which will provide services in India. This takes Etisalat's geographical reach to 18 countries in Africa, Asia and the Middle East, covering a population of approximately 1.6bn.

"The growth rates Etisalat has achieved in both financial and operational terms reflect the high levels of efficiency and performance at all levels of its management. This has helped us to become one of the largest regional and international operators. Etisalat has succeeded in sustaining our financial growth and technical leadership thanks to our commitment to world class standards in all areas of our business," said H.E. Mohammad Hassan Omran, Chairman of Etisalat.

"Our acquisition in India has opened yet another key market, which will help power Etisalat's growth. We are also delighted to have received our first ratings from Moody's, Standard & Poor's and Fitch Ratings - which places us in a very strong position to continue our international expansion,"

added H.E. Mohammad Hassan Omran, Chairman of Etisalat.

Mohammad Al Qamzi, Chief Executive Officer at Etisalat, said:

"Mobile subscriptions in the UAE have now exceeded (7.05 million number) showing an increase of (11 %) compared to the third quarter of 2007, fixed line subscriptions reached (1.36 million), while internet subscribers reached (1.08 million). These tremendous results come in line with Etisalat's endeavor in providing latest and best technologies that match its customers' needs."

In the third quarter of 2008, Etisalat has announced many new products, services and initiatives including:

- An agreement with BT and Khalifa University for Science, Technology and Research to establish the Etisalat-BT Innovation Lab in Abu Dhabi.
- The launch of BlackBerry Bold - Etisalat is the first operator in the Middle East to introduce the productivity tool; and the launch of a special BlackBerry applications portal
- Launch of global interconnect and voice trading platform named E-Globe Interconnect from Etisalat Carrier & Wholesale services
- Launch of 3.5G wireless USB modem, the E170
- Etisalat received inaugural ratings from Moody's (Aa2), Standard & Poor's (A+) and Fitch Ratings (AA-)
- Launch of E-Support software to support home Internet users with answers to common problems
- Reach Entertainment campaign to promote the use of multimedia services