ID :
68220
Mon, 06/29/2009 - 14:48
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https://www.oananews.org//node/68220
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etisalat's profit to slip in 2009 but will recover in 2010: report
UAE telecom giant etisalat is expected to record slightly lower earnings in 2009 but profits will rebound in 2010, a Kuwaiti Investment bank said yesterday.
Abu Dhabi, June 29, 2009 (WAM) - As the mobile phone market in the UAE is nearing saturation, etisalat's income in the next period will come mainly from internet and associated services while its international operations are also projected to grow, Global Investment House (GIH) said in a forecast on etisalat, sent to "Emirates Business".
From around Dh8.66 billion in 2008, etisalat's net profit is expected to slip to nearly Dh8.54bn in 2009 before rebounding to Dh9.12bn in 2010. The report projected them to swell to Dh9.6bn in 2011 and climb to a record Dh9.96bn in 2012 on the back of a surge in broadband services and strong performance in the company's operations abroad.
The net profit is projected lower this year despite an expected increase in net operating earnings to Dh16.2bn in 2009 from Dh14.7bn in 2008. Net profit before royalty fees to the government, which controls 60 per cent of etisalat, are expected to edge down to Dh17.09bn from Dh17.32bn.
The company's mobile subscribers grew by 14.3 per cent on y-o-y basis to reach 7.3 million subscribers at the end of 2008 with a market share of 74 per cent compared to 84 per cent in 2007," GIH said.
The study said with the UAE mobile market approaching saturation, etisalat and du are expected to focus on high quality value-added services. The migration to NGN (next generation network) in the UAE will enable etisalat to further introduce more value-added services, it said.
Abu Dhabi, June 29, 2009 (WAM) - As the mobile phone market in the UAE is nearing saturation, etisalat's income in the next period will come mainly from internet and associated services while its international operations are also projected to grow, Global Investment House (GIH) said in a forecast on etisalat, sent to "Emirates Business".
From around Dh8.66 billion in 2008, etisalat's net profit is expected to slip to nearly Dh8.54bn in 2009 before rebounding to Dh9.12bn in 2010. The report projected them to swell to Dh9.6bn in 2011 and climb to a record Dh9.96bn in 2012 on the back of a surge in broadband services and strong performance in the company's operations abroad.
The net profit is projected lower this year despite an expected increase in net operating earnings to Dh16.2bn in 2009 from Dh14.7bn in 2008. Net profit before royalty fees to the government, which controls 60 per cent of etisalat, are expected to edge down to Dh17.09bn from Dh17.32bn.
The company's mobile subscribers grew by 14.3 per cent on y-o-y basis to reach 7.3 million subscribers at the end of 2008 with a market share of 74 per cent compared to 84 per cent in 2007," GIH said.
The study said with the UAE mobile market approaching saturation, etisalat and du are expected to focus on high quality value-added services. The migration to NGN (next generation network) in the UAE will enable etisalat to further introduce more value-added services, it said.
