Etisalat net profits AED 8,836m in 2009

An increase of 16 percent over 2008:

Etisalat has announced its preliminary consolidated financial results for the year 2009, revealing a net profit of AED 8,836m for the Group compared to AED 8,511m recorded 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 1,217m which is 16 percent 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 effected to facilitate a direct comparison with year 2009 "International Financial Reporting Standards" results.

Etisalat recorded Net Revenues of AED 30,831m for the Group in 2009 compared to AED 29,360m in 2008, an increase of 5 percent. Total assets for the Group increased by 13 percent to AED 40,389m compared to AED 35,620m in 2008. Earnings per share for 2009 are AED 1.23 against AED 1.18 in 2008. Earnings per share for the year 2008 were adjusted for bonus shares issued during year 2009.

Etisalat Chairman Mohammed Omran said: "Etisalat has enjoyed another successful year in 2009. This is in spite of the difficult economic circumstances which the world's economy continues to face.

These results highlight that Etisalat has followed the correct strategy by following a selective policy in our international investments. In this way, we have made use of the current financial environment to identify the brightest opportunities that have arisen as a result of this situation", he said.