Etisalat Profits Up by 17% on Stronger Overseas Growth
Published on: 25th Jul 2012
Note -- this news article is more than a year old.
By: Ian Mansfield
UAE based Etisalat has reported a 17% rise in its second quarter profits of Dh1.9 billion (USD517.3 million) while revenues rose by 4 percent to Dh8.25 billion.
The company was boosted by higher performance in its international markets which offset weakness at home.
>Etisalat chairman Eissa Mohammad Al Suwaidi said the growth in profits was "on the back of strong market development in Egypt, Benin, Gabon, Togo, Afghanistan and Sri Lanka".
The company has operations in 17 countries in total.
The rise in profits also marks a reversal of the previous couple of years, when eight out of nine quarters reported declining profits. The company had been hit in recent years by the costs of its failed attempts to buy Zain and the write down of its Indian subsidiary after its licenses were cancelled.