Etisalat announces net profit of AED 2.87bn in first 8 months

At the beginning of the meeting, the board hailed the wise guidance of HH Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, and thanked His Highness for the confidence he placed in the Etisalat board of Directors through the issuance of Federal Decree Number 96/2005 of 26th September, 2005, on the reformation of the Corporation's board.

A special mention of His Highness' continued support of social development and economic activities in the UAE was made. His wise leadership has created a stable environment conducive to prosperity and has enabled the development of different sectors on firm foundations. This support and guidance, for Etisalat in particular, has had a direct impact on the development and prosperity of the Corporation, and has led it to be now considered a pioneering operator among telecommunication service providers in the region.

The board also reviewed the financial results of Etisalat for the first eight months of 2005. Net profits of the Corporation stood at AED 2.87bn, registering a 24 per cent increase on last year's net profit of AED 2.32bn during the same period.

The net profit at the end of 2005 is estimated to reach a figure of AED 4.2bn, an expected 24 per cent increase compared to net profits of AED 3.4bn at the end of 2004.

The board praised the hard work and efforts of the Corporation and particularly its employees, who have played a major role in translating business activities of Etisalat into profitable achievements.

One of the most important topics on the agenda was the overseas investments of the Corporation. The board reviewed with much appreciation the achievements of Etihad Etisalat in the Kingdom of Saudi Arabia, where it has achieved 1.5 million subscribers in a short period of 5 months.

The board also reviewed the pending issues with authorities in Pakistan and the talks being held with them by the Corporation. A deadline of 28th October 2005 has been set for the completion of all discussions, and for a solution to be finalised.

The board reviewed the Management's progress in qualifying Etisalat for the purchase of shares in the Tunisian telecom market, as well as in Turkish Mobile service provider, 'Telsim'.

The board discussed Etisalat's strategy for the coming era and the steps being adopted to improve performance in a competitive environment. Plans to prepare the Corporation from the perspective of human resources preparedness, technical competence, as well as organizational structure for meeting upcoming challenges and competition confidently and efficiently were also reviewed by the board.

The board also discussed plans presented by management in the areas of training and qualifying staff for excellence in performance, and directed management to increase their focus on the welfare of Etisalat's Human Resources, who are considered the true foundation for its success. They also requested management to draw the necessary steps for unleashing staff potential and to encourage them to keep up their loyalty and dedication in serving the Corporation with creativity through appropriate incentives and training programmes.