Etisalat AGM approves 35% dividend


Etisalat yesterday held its Annual General Meeting at the etisalat Head Office in Abu Dhabi. The AGM approved the distribution of a 35 per cent dividend for the second half of 2007, taking the total dividend for 2007 to 60 per cent.

The AGM also approved the distribution of bonus shares, one for every five held.

Mohammad Hassan Omran, Chairman, etisalat, said: “Our commitment to provide the world’s latest products and services to our customers drives the Corporation’s Dh3.4 billion investment cutting-edge technology in 2007. Etisalat now operates across sixteen countries in two continents – Asia and Africa. Its services are today available to 668 million people, of whom 63 million are our aggregated subscribers. This represents 103 per cent growth in Active Subscribers compared with 2006.”

Omran also added that the Consolidated Group Revenue was growing at 31 per cent and net profits registered a 25 per cent increase compared with last year. On a Compounded Annual Growth Rate (CAGR), the group revenue and net profit have grown 22 per cent and 24 per cent respectively over the last five years.

Mohammed Khalfan Al Qamzi, CEO, etisalat, said: “Etisalat’s success is founded on the commitment and quality of our employees who made all this happen. During 2007 we completed the organisational restructuring plan to ensure that all our activities are efficiently aligned towards further enhancing our services to our customer.”

Etisalat’s clients totalled over 6.3 million by the end of 2007, while the number of fixed lines was put at1.32 million. The number of subscriptions to the service provider’s dial-up and Al Shamil internet services went up to 878,000.

These figures reflect the percentage of the mobile phone vis-à-vis population spread out in the UAE, which is at 150 per cent according to etisalat.

Etisalat’s total assets rose by 14 per cent (Dh6.5 billion) to reach Dh52.4 billion, compared to Dh45.9 billion in 2006.