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25 June 2024

UAE's Etisalat posts 19 per cent surge in profits in 2008

The main telecoms operator in the United Arab Emirates, Etisalat, posted Thursday a 19 per cent increase in its net profits in 2008.

The government-owned giant said net profits jumped to Dh8.7 billion ($2.4 billion) over Dh7.297 billion ($1.99 billion) in 2007, according to preliminary results.

Net profits in the fourth quarter of 2008 surged 18 per cent to Dh2.1 billion ($0.6 billion), it said in a statement.

Total assets also increased by 18 per cent to Dh62.1 billion ($16.9 billion).

Etisalat, one of the Middle East's largest companies by market value, operates in major markets including Egypt and Saudi Arabia, and also has stakes in telecommunications operators in Africa and Asia.

It announced earlier this month winning with an Iranian company the licence to operate Iran's third mobile telephone network.