Etisalat Announces first half results

UAE incumbent Etisalat has announced its results for the first six months of 2007. Net profits of AED3.7 billion (USD1 billion) were recorded for the period, up 33% year-on-year, while capital expenditure between January and June totalled AED1.4 billion. Chairman of the company Mohammad Hassan Omran said, ‘The financial results for the first half of this year demonstrate the company’s diverse capabilities and competitive strengths. We achieved financial results exceeding expectations and continue to achieve strong results supporting our continued leadership in the region’s telecommunications industry. This is a direct outcome of the company’s strategy and commitment to providing the highest quality and most user-friendly services and telecommunication solutions, which help Etisalat maintain its position as the UAE’s operator of choice.’ Mr. Omran added that in the twelve months since 1 July 2006 Etisalat had signed up over a million new mobile subscribers, taking the total to 5.99 million, helping to raise penetration of mobile services in the UAE to 142%. He also said that by the end of June 2007 his firm had 1.31 million fixed lines in operation and 800,000 internet subscribers.