UAE-based Etisalat, a leading telecom group, has reported Dh8.9 billion ($2.4 billion) in profit for 2014 driven by strong performance of domestic operations, marking a 26 per cent rise over the previous year.

Full year consolidated revenue increased by 26 per cent to Dh48.8 billion ($13.2 billion).

The former telecommunications monopoly, which operates in 19 countries across the Middle East, Africa and Asia, made a net profit of Dh2.10 billion ($572 million) in the three months to Dec. 31, marking a 45 per cent rise against the profit of Dh1.45 billion ($394.6 million) in the year-earlier period.

Etisalat Group’s consolidated revenue for the fourth quarter of 2014 amounted to Dh13 billion ($3.53 billion) with growth accelerating by 33 per cent in comparison to the same period last year.

In the UAE, revenue in the fourth quarter grew year on year by 11 per cent to Dh7 billion ($1.9 billion) and 3 per cent quarter over quarter.  For the full year revenue increased 9 per cent to Dh27.1 billion ($7.3 billion).

Subscribers

Etisalat Group aggregate subscribers as at the fourth quarter of 2014 was at 169 million reflecting a 14 per cent increase year over year. In the UAE the active subscriber base grew to 11 million subscribers in the fourth quarter of 2014 representing a year on year growth of 6 per cent and quarter over quarter growth of 2 per cent.

The company proposed to pay a Dh0.35 per share cash dividend for the second half of 2014, matching its dividend for the year-ago period. For all of 2014, it would pay Dh0.70 per share and 10 per cent in bonus shares.

Etisalat chairman Eissa Al-Suwaidi said:  “2014 was an auspicious year for Etisalat, It is one where the company has experienced growth across the business, which has seen increased revenues and profits, as well as growth in the number of subscribers, but also seen our footprint grow internationally. This is a landmark moment in our history and a considerable achievement towards our objective of being recognised as the leading operator in emerging markets.

“With the commitment of our world-class employees across 19 operations, the continued support of our investors, and the input and cooperation of our millions of subscribers, 2015 will no doubt continue this pattern of success.”

Ahmad Julfar, Group chief executive officer, Etisalat, said:  “2014 was a milestone year for Etisalat. It was a year where we have taken the Group forward in terms of our objective to be recognised as the leading telecoms operator in emerging markets.

“Our expansion in Africa, which increased our international presence to 19 markets across the Mena region, was accompanied by strong figures in our international operations, the continuance of steady growth for our operations in the UAE, and an accelerated effort to spearhead the development of 5G technology through leading global partnerships.

“Our aim is to not only realise financial benefits, but to enact real, transformational change for the millions of customers we serve.  We are building trust within these communities, which will allow us to be the most reliable partner in these markets when the time comes to deliver the next round of technological achievements. This long-term commitment is what underpins our current success, but strengthens our ability to prosper in the future.

“Our growth in these emerging markets will help to secure long-term success for Etisalat, but it is the rapid growth of data usage that holds the key to the future of our industry. New, transformative platforms such as M2M and mobile identities, as well as the digitisation of traditional forms of information transfer are taking the industry to exciting new levels.  In 2014 Etisalat was the first operator in the Middle East to offer Embedded SIM technology in line with a standard international specification,” he added. – TradeArabia News Service