Etisalat's Chairman Eissa al-Suwaidi thanks the leadership of the UAE for their continued and unwavering support to Etisalat

Al Suwaidi: Etisalat's full-year consolidated revenues grew to AED 48.8 billion, representing a 26% increase

Etisalat's Group CEO Ahmad Julfar: Acquisition of a 53% stake in Maroc Telecom further strengthened Etisalat's portfolio in West Africa

Julfar: We will continue to deliver growth and innovation, both within the UAE and internationally

Abu Dhabi, March 24, 2015

At Etisalat's annual general meeting, held at the company's headquarters in Abu Dhabi, shareholders have backed the board's recommendation to pay full-year 2014 dividends of 70s fils per share and also approved a 10% bonus share. After the release of the Group's 2014 annual results, the board proposed the dividend share, which is a reflection of the strong results achieved during the fiscal year ended on 31 December.

Etisalat's net profit increase after Federal Royalty reached AED 8.9 billion. This also represents a year-on-year increase of 26%. Furthermore, Etisalat's consolidated EBITDA for 2014 totaled AED 23.4 billion, resulting in an EBITDA margin of 48%.

Etisalat Chairman Eissa al-Suwaidi said, "2014 was an auspicious year for Etisalat. This is a landmark moment in our history and a considerable achievement towards our objective of being recognised as the leading operator in emerging markets.  On behalf of our board members, I would like to express our gratitude to the UAE's visionary leadership for their continued support, our shareholders for their faith in us, our employees for their skill and dedication, and the millions of subscribers worldwide who remain loyal to our services."

Al-Suwaidi said, "We are proud of the achievements we've made in 2014. Etisalat's full-year consolidated revenues grew to AED 48.8 billion; representing a year-on-year increase of 26%." 

He added during the AGM, "Etisalat is dedicated to ensuring that our shareholders benefit from the achievements we make. To this end, Etisalat's board, backed by the General Assembly, decided for the third year in a row to reward the shareholders with 70 fils per share. In addition, the Board of Directors' proposed issuance of 10% bonus share. I can assure you that these accomplishments stem from Etisalat's unwavering determination to continue our relentless pursuit of innovation and success.

"As illustrated by our acquisition of Maroc Telecom, we will continue to seize opportunities that support our overall strategy of adding optimal value for our stakeholders and subscribers and the communities we serve. With the addition of new markets, we will continue to diversify our income, our resources and our worldview, and invest in local communities, which will reflect positively on Etisalat's performance."

Ahmad Julfar, Group Chief Executive Officer, Etisalat, commented, "With 2014's growth, fueled by a major acquisition and partnerships with global industry leaders, Etisalat is in a strong position to embrace the changes and challenges emerging in the telecom industry. Our goal remains to provide a unique, exciting experience and the highest-quality services for subscribers. For the sake of customers and shareholders alike, we are not complacent with our current successes, but rather view them as the basis for future growth.

"As always, we will continue to put the customers at the heart of everything we do. As we think about maximising our growth and continuing to innovate at the highest level possible, we know that the key will be a sustained aptitude for identifying valuable investment opportunities in the markets that we serve.

"2014 was a milestone year for Etisalat. We have made considerable gains in establishing ourselves as the leading telecom operator in emerging markets. We have further established industry leadership in our home market, and further placing Etisalat as a leading global telecom corporation. Also, on behalf of Etisalat I would like to thank the UAE government for its unwavering support, which has greatly assisted our ability to succeed."

He continued, "Our acquisition of a 53% stake in Maroc Telecom established Etisalat as one of the premier telcos in West Africa. Maroc's subsequent acquisition of Atlantique Telecom and its operating companies has expanded our geographical reach as never before."

 "In addition," Julfar continued, "we have further expanded our international activities by establishing agreements with leading global partners. Our goal of bringing the cutting-edge to all our markets, whatever that might be for 19 unique countries.  We continue our close partnership with the UAE government and its vision of smart government and smart cities. The work we conducted on 5G in 2014 in part serves our home market in reinforcing its position as a leader in these arenas. Our ultimate goal is to make cities like Abu Dhabi and Dubai examples for the rest of the world."

He concluded, "We still have a lot of work to do in areas such as 5G, digital services, and data coverage maximisation. We are eager to promote closer cooperation as a leading trend in our industry, in order to guarantee its long-term health and our prosperity as telecommunications providers. Nonetheless, Etisalat has had a prodigious year, and we have no doubt that with the continued support of our Government, shareholders, employees and subscribers, we will continue to deliver growth and innovation, both within the UAE and internationally."

At the AGM shareholders approved the appointment of the following as members of Etisalat's Board of Directors: Abdelmonem Bin Eisa Bin Nasser Alserkal, Sheikh Ahmed Mohamed Sultan Bin Suroor Al Dhaheri, Khaled Abdul Wahed Al Rostamani and Otaiba Bin Khalaf Bin Ahmed Al Otaiba.  

This followed yesterday's announcement by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, to appoint government representatives to the Board of Directors of the Emirates Telecommunications Corporation (Etisalat). The Federal Decree stipulated the appointment of Isa Mohammed Al Suwaidi as Chairman, along with Abdullah Salem Al Dhaheri, Mohamed Sultan Abdulla Ghannoum Al Hameli, Hesham Abdulla Al Qassim, Abdel Fattah Mansour Sharaf, Essa Abdulfattah Kazim and Mohamed Hadi Ahmed Abdulla Al Hussaini as board members.

-Ends-

About Etisalat:
Headquartered in Abu Dhabi, Etisalat Group is one of the world's leading telecom groups in emerging markets. Since its inception almost four decades ago, Etisalat has been introducing innovative connectivity solutions for its customers across the Middle East, Asia and Africa. These cutting-edge solutions have given Etisalat the ability to expand its subscriber base to more than 169 million in the 19 international markets it operates in. Etisalat's market cap is 96.8 billion AED, equaling 26.4 billion USD.

For more information:
Etisalat Media Desk
E:gyoussef@etisalat.ae
T: +97128182877
www.etisalat.com

© Press Release 2015