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23 April 2024

Etisalat raises 2008 dividend to 60 per cent

Mohammed Omran (SUPPLIED)

By Staff Writer

Etisalat's board of directors has recommended distribution of 35 per cent dividend of nominal share value for the second half of 2008.

The UAE's first telecom service provider has earlier distributed dividends at 25 per cent for the first half of 2008, taking the total dividend for the year to 60 per cent.

The board also recommended to the General Assembly to issue a 10 per cent bonus shares (one bonus share for every 10 shares).

The decision was taken at a board meeting held yesterday at etisalat's head quarters in Abu Dhabi.

Etisalat has recorded a net revenue of Dh26.1 billion and net profit of Dh8.665bn for 2008, an increase of 22 per cent and 19 per cent respectively over 2007.

Mohammed Omran, etisalat Chairman, said: "Etisalat's financial results during 2008 met expectations. We achieved excellent results both financially and operationally in all of our markets. Etisalat now provides services in 17 markets across the Middle East, Africa and Asia. This supports our goal to become one of the 10 largest operators in the world in the next two years."

He also remarked upon etisalat's entry into the Indian market, which is considered one of the world's most attractive telecom markets in terms of growth and expansion. Etisalat is planning the launch of its services there in 2009.