Etisalat proposes 60 fils dividend

The board of Emirates Telecommunication Corporation, or etisalat, has proposed final dividends at 60 fils per value for fiscal year 2011. The board also approved audited financial performance during financial year ending December 31, 2011. The board discussed measures to improve etisalat’s services as key priority, as well asthe reduction and control of operating expenditures. Etisalat announced its audited consolidated financial results for 2011, where the telco has achieved growth in subscriber numbers by 22 per cent, reaching 167 million. It also witnessed a one per cent growth in revenues reaching Dh32.2 billion and profits of Dh11.6 billion before the 50 per cent federal royalty. The results also reflect a Dh1 billion impairment on net profits, following the recent decision by the Supreme Court of India to cancel 122 licences, including that of Indian subsidiary etisalat DB (India), which mainly accounted for a 24 per cent drop in net profit to Dh5.8 billion. Etisalat chairman Mohammed Hassan Omran said etisalat’s investments in broadband network infrastructure also spurred strong growth in the data and Internet segments with combined revenues growing by 20 percent. Group CEO Ahmad Abdulkarim Julfar said etisalat notably achieved a healthy gain in its mobile subscriber base during the last quarter of 2011. “It is expected that we should feel competitive pressure especially in the mobile segment,” he added, commenting on the tough competition in the domestic market.