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FINANCIAL NEWS
Etisalat reports USD1.5b annual net profit
11 Feb 2011
(MENAFN) The Chief Executive of Etisalat, Nasser Bin Obood Al Falasi, said that the company’s annual profit dropped 14 percent in 2010, however, profits in the fourth quarter of the year increased by 2.1 percent enabling the company to report a USD1.5 billion full-year net profit , reported Gulf News.
Al Falasi said that Etisalat, Emirates Telecommunications Corporation, exceeded the USD346.6 million quarterly net profit expected by analysts by reaching a total of USD 404.4 million.
The CEO said that the company’s full-year revenues increased 2 percent amounting to USD6.3 billion. Its revenues excluding the UAE were 46 percent higher, showing growing competition in the home market, and a strong focus on other fast-growing markets, Al Falasi added.
It is worth noting that the telecom operator is currently seeking to purchase 46 percent stake in Kuwait’s telecom operator Zain for about USD12 billion.
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