Etisalat International Arm Drives 9M07 Growth
October 2007 | Company Finance AlertUAE incumbent operator Etisalat has acquired a 40% stake in a Greenfield operation in Nigeria, as well as raised its stakes to become the majority shareholder in existing units' West African-based Atlantique Telecom and Zanzibar Telecom. With the addition of Nigeria to its portfolio of countries, Etisalat is now present in 15 countries. The operator made the announcement as it released details of its nine month 2007 financial results. Net profits stood at AED5.534bn (US$1.507bn), as compared to H107 net profits of AED3.73bn. Revenues increased by 30% y-o-y to AED15.38bn, not far off YE06 revenues of AED16.29bn. Results were said to be more or less in line with expectations, according to local analysts, which also stated that revenue growth had benefited from competition in the local market deriving from du.
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