ABU DHABI -- Etisalat today announced its interim financial results for the first quarter of 2009 in compliance with International Financial Reporting Standards, in accordance with Securities and Commodities Authority regulations. In its filing, Etisalat announced Net Profits of Dh 2.178bn and Net Revenues of Dh 7.119bn for the first quarter of 2009.

The results reflect a 4% increase in Net Profits and a 13% increase in Net Revenues in comparison with the same quarter of the prior year. Etisalat’s Net Profits and Net Revenues in 2008, restated to comply with International Financial Reporting Standards, were Dh 2.096bn and Dh 6.280bn respectively.

Basic and Diluted Earnings Per Share in the first quarter touched Dh 0.30 in comparison to Dh 0.29 in the first quarter of 2008.

Mohammad Omran, Chairman of Etisalat said: “Etisalat continues to achieve growth in both revenues and profits, despite the many economic challenges which the world is facing. No sector is immune to the effect of today’s financial climate, but we are delighted that we are continuing to achieve growth.”

He continued: “Besides our growing revenues, we are continuing to reinforce our financial position. We are now looking for new investment opportunities. We are continuing to study many different markets for the best opportunities that will add to Etisalat’s reputation and support our ambition to become one of the largest ten operators in the world. We have identified Syria and Lebanon as having potential for 2009, and we await an appropriate opportunity to participate in these markets. Etisalat has already started the operational procedures in India through selecting partners and network providers, while the commercial launch is expected during the second half of 2009.”

Etisalat