EtisalatÂ has announced its consolidated financial results for the year 2009, declaring a Net Profit of N 364.2 millon for the group compared to N 351 million recorded in 2008, which included profit on sale of shares in Mobily of N 36.7 billion after federal royalty.
According to the result, excluding this exceptional item, the net profit after federal tax for the year 2009 would have increased by N 50 million which is 16 per cent higher than 2008. The comparative results for the financial year 2008 have been adjusted to comply with â€œInternational Financial Reporting Standardsâ€ that have been adopted for the first time in 2009 financial year.
This has been affected to facilitate a direct comparison with year 2009 â€œInternational Financial Reporting Standardsâ€ results. Etisalat recorded Net Revenues of N 1.3 billion for the Group in 2009 compared to N 1.2 billion in 2008, an increase of 5 per cent. Total assets for the Group increased by 13% to N1.7b compared to 1.5b in 2008.
Earnings per share for 2009 are N 50.70Â Â against N 8:63 in 2008. Earnings per share for the year 2008 were adjusted for bonus shares issued during year 2009.Mohammed Omran, Chairman of Etisalat, said: â€œEtisalat has enjoyed another successful year in 2009.
This is in spite of the difficult economic circumstances which the worldâ€™s economy continues to face. These results highlight that Etisalat has followed the correct strategy by following a selective policy in our international investments. In this way, we have made use of the current financial environment to identify the brightest opportunities that have arisen as a result of this situation.
â€â€œDuring the past two years, Etisalat has continued its strategy of developing new sources of income. We have achieved this by introducing new packages and services which have had the desired effect of sustaining our growth even despite the high penetration level within the country, which today is one of the highest in the world. We have also been successful in reducing our operational expenditure, which further enhances our performance,â€ he added.
Mohammed Khalfan Al Qamzi, Chief Executive Officer at Etisalat, said: â€œIn 2009 Etisalat launched its next_generation services across its eLife network and is in the process to make Abu Dhabi the first capital city in the world to be totally connected by fiber_optic network infrastructure. In fact, our aim is that the UAE will become one of the first countries in the world to be entirely covered with fiber_optic services in 2011.
This reflects our commitment to add value to the lives of our customers and provide them access to the most sophisticated and advanced services.â€â€œEtisalat also continued to develop its mobile networks in 2009. The 2G network today covers 100% of UAE, while 3G networks cover 99.5% of populated areas. We are also continuing in our robust tradition of investing in our human resources through various training and qualifying programs,â€ he added.