Etisalat Group announced yesterday its consolidated financial statements results for the first six months of 2014, with an increase in consolidated revenues and subscribers both in domestic and international markets.
Etisalat Group reported strong consolidated revenues during the second quarter of FY2014 reached Dh 12.6 billion representing positive results after the acquisition of Maroc Telecom earlier in May.
The net profit after federal royalty for the first half was Dh 4.5 billion, an increase of 19 per cent year on year.
Eissa Al Suwaidi, Chairman of Etisalat, said, "The overall constantly remarkable performance of Etisalat shows our dedication to become the leading and most admired emerging market telecom group." "The key development for this quarter was completing the acquisition of Vivendi's 53 per cent shareholding in Maroc Telecom, which we are confident it adds a great value to Etisalat and its shareholders, besides the other key developments we witnessed in different markets, and it will have a transformational impact on Etisalat and its key financials. Maroc Telecom is a well-run company, and this acquisition is the largest deal in the history of our great company and a truly exciting moment for us all. This remarkable milestone could not have been reached without the wise leadership for the continuous support of the U.A.E. government. They play a vital role in enabling innovation in the telecommunications sector, and we would like to thank them for their support as we pursued this important acquisition. " Ahmad Abdulkarim Julfar, the Chief Executive Officer at Etisalat Group, "This acquisition marked the largest and most complex deal in the history of Etisalat, and will completely change the telecoms landscape in Africa; it is one of the largest cross-border M&A transactions in the MENA region of all time, and it expands Etisalat's reach to 19 markets." He noted that "Our experience in markets across Middle East, Africa and Asia will truly complement Maroc Telecom's deep expertise in their home market and in other markets in Africa".