ETISALAT Group, a telecommunications company in Nigeria, recently announced its 2008 preliminary financial result.
The result shows an impressive rise of over 19 per cent and has been hailed by critics as an indication of strong share indices.
Etisalat reported a total yearly net profit of Dhs8. 665 billion, which shows a growth of 19 per cent over 2007\'s figures, when the group recorded a rise of Dhs 7.297 billion in net profits. A similar appreciable increase was also witnessed in 2008 when its Net revenues for 2008(Dhs 21.340 billion) stood 22 per cent higher than 2007\'s results of Dhs 21.340 billion.
Etisalat\'s total assets also increased from Dhs 52.4 billion in 2007 to Dhs 62.1 billion, growing 18 per cent, while earning per share has increased from Dhs 1.22 in 2007 to Dhs 1.45 in 2008 after 998.25mn bonus shares in the ratio of 1:5 were issued in 2008.
Mohammed Hassan Omran, Chairman of Etisalat, said: \"The significant results achieved by Etisalat in 2008 reflect the company\'s ability to manage and sustain our growth as we pursue our ambition to become one of the top ten telecommunications companies in the world.
\"Etisalat is now regarded as one of the strongest players in the telecom market, both regionally and internationally. This has been achieved by our commitment to implement the best international standards at all business levels.
\"Acquiring new licenses in Iran and India provides us with significant growth opportunities, and will support the development of our company for many years to come,\" he added.
Excited at the impressive achievement, Steven Evans, Chief Executive Officer, Etisalat Nigeria said: \"We have no doubt that these results are a testimony of Etisalat\'s strong performance and our desire to continually sustain the growth and development of our company as well as that of our people and the countries we operate in.
\"With Etisalat continually pushing the frontiers of telecommunication advancement, we anticipate even more impressive results at the end of the 2009 financial year.
\"At Etisalat, our focus is not just profit but also the growth and development of our subscribers and environment. Of course, this wouldn\'t have been possible without the support of our subscribers who are an integral part of our company.\" - ngrguardiannews