Etisalat profits up 19% in 2004

The Emirates Telecommunications Corporation (Etisalat) saw net profit surge 19% in 2004 to AED3.4 billion (USD925 million), on the back of a 13% rise in revenues to AED10.4 billion (USD2.8 billion). The strong growth has led to Etisalat’s board approving dividends amounting to AED1.65 billion, to be paid out in two instalments. The company is the leading fixed and wireless provider in the UAE and has recently expanded its international presence by ploughing AED1.7 billion into its stake in Etihad Etisalat, Saudi Arabia’s second GSM and 3G operator, and investments made through the Kanartel consortium to acquire a licence to operate Sudan’s second fixed line service.