Etisalat’s Board of Directors has recommended to the Corporation’s General Assembly to distribute 35% dividends of nominal share value for the second half of 2009. The decision was taken during a board meeting held on the 22nd February, 2010 in Etisalat’s head quarters in Abu Dhabi. With the 25% dividends of nominal share value for the first half of 2009, the total of distributed dividends of nominal share value for the year 2009 now reaches 60%.
The Board also recommended to the General Assemble to issue 10% bonus shares (one bonus share for every 10 shares).
Etisalat’s Chairman and Board Members praised the group’s outstanding performance for the year 2009, with net revenue of AED 30.8bn, an increase of 5% over 2008 results. Net profit recorded for the group in 2009 was AED 8.8bn compared to AED 8.5bn in 2008 which included profit on sale of shares in Mobily of AED 892m after federal royalty. Excluding this exceptional item, the net profit after federal royalty for the year 2009 would have increased by AED 1.2bn which is 16% higher than 2008.
The comparative results for the financial year 2008 have been adjusted to comply with “International Financial Reporting Standards” that have been adopted for the first time in 2009 financial year. This has been affected to facilitate a direct comparison with year 2009 “International Financial Reporting Standards” results.
Mohammed Hassan Omran, Chairman of Etisalat, said: “Etisalat’s financial results during the year 2009 met expectations. We achieved excellent results both financially and operationally in all of our markets. Etisalat now provides services in 18 markets across the Middle East, Africa and Asia.”
Omran confirmed that the Etisalat Board is delighted for the significant financial results achieved in 2009. This reflects the company’s success in its 17 international markets and the UAE. These results are consistent with company’s target to become among the top global telecom companies during the next period.
Etisalat achieved large growth in the number of customers across its international footprint which now total 100 million.
Omran reconfirmed that Etisalat is currently studying opportunities in new markets. He also noted that the company was achieving growth in these countries due to population, penetration rates, and the opportunities of providing added value for the communities. Etisalat is also looking at the impediments to purchase capacity, achieve operational efficiency, acquire telecom infrastructure, and the general investment attraction in these countries. New potential markets include Arab countries and nations in Asia, Africa and the Middle East.
Etisalat achieved its financial success through offering innovative new solutions and value added services to fulfill its customers’ demands.
In the year 2008, Etisalat has seen an outstanding operational performance that led to growth in all its business areas in the UAE. The number of mobile users has reached 7.74 million, a growth of 6% over 2008. Fixed line subscribers also increased to 1.31 million. The Internet subscriber base reached 1.33 million, with an increase of 16% over 2008 results.
Three New Initiatives in 2010
Mohammed Omran, Chairman of Etisalat today announced three new initiatives which will be implemented by the company in 2010. This comes within Etisalat’s strategy to innovate, explore and provide added value.
Through its continuous approach to provide job opportunities for UAE nationals,. Mohammad Omran announced that Etisalat will raise the percentage of UAE nationals among its employee by opening doors to them to fill in current vacancies.
The second initiative complements Etisalat’s achievements in the community. Etisalat will introduce “Etisalat Foundation”, through which Etisalat will funnel its support of community activities and events.
Omran also announced that 2010 is to be considered the year of Excellence in Customer Service. This initiative aims to achieve significant growth in customer service and satisfaction, through increasing quality and technical support for the different services provided by Etisalat. The initiative also aims to launch new services and packages to provide added value for Etisalat customers.
