Etisalat Board announces financial results and dividend

Chaired by Dr. Mohamed Khalfan bin Khirbash, Chairman of Etisalat, the Board also presented the financial results of Etisalat for the five-month period ended 31st May 2005.

The Chairman of the Corporation announced net profits of AED 1.7 billion, a 22 per cent increase over the amount of AED 1.4 billion for the same period last year. The Board approved a dividend at the rate of 25 per cent of nominal value of shares to all shareholders. The interim dividend will be with effect from 20th July 2005, and all shareholders registered in the shareholders register on close of day on 11th July 2005 will be eligible for the interim dividend.

Dr. Khirbash said: "We are pleased by the performance of the Corporation in this period of the year, and we are confident of continuing this upward trend especially into the new era. With some major announcements and achievements, Etisalat has been propelled into the league of the top telecom operators of the world."

"Etisalat recorded high growth and profits, and these impressive results have been possible because of the modern and sought-after services it provides to its customers, ensuring that they are kept satisfied", he added.

Some of the key achievements have been the Corporation achieving 4 million customers, representing a 95 per cent penetration rate for mobile customers in the UAE. This saw a series of celebrations across the Corporation, involving customers and staff. Another significant achievement was the winning of the bid to purchase 26 per cent stake in Pakistan Telecommunications Company Limited (PTCL). This was engineered by Etisalat International, the newly-formed international investment arm that has been actively identifying and pursuing international investment opportunities for Etisalat.

Khirbash added that the win in Pakistan came on the back of the Corporation's strategy to consolidate all regional and international expansion plans, thereby bringing immense benefit and security to shareholders.

The success of Etisalat's international venture in Pakistan is another step in a line of success that the Corporation has enjoyed. The prominent wins before this was winning the license to operate the second mobile network in Saudi Arabia, and the license to operate the second fixed line network in Sudan. Such wins have shown the ability of Etisalat to compete in an open market scenario.