Etisalat announces second dividends for 2006

Etisalat held its Board meeting on Monday at the Etisalat Head Office in Abu Dhabi. The Board members discussed revenues, profits of the fiscal year 2006, and the distribution of dividends. Etisalat Board members praised the financial results for year 2006, with revenues of Dh 16.29billion and net profit of Dh 5.86billion, an increase of 27% and 38% respectively over 2005. The Board approved dividends at 35 per cent of the share par value during the second half of 2006. Etisalat has earlier distributed dividends at 25 per cent for the first half of 2006, taking the total dividends for 2006 to 60 per cent. The Board also put forward a proposal to distribute bonus shares at the rate of 1 share for every 10 shares held by the investor.Mohammed Hassan Omran, Etisalat Chairman, said, "We are happy with the results of 2006, which reflects the Corporation's success in the UAE as well the overseas markets that we have invested and commenced operations in." "While the regional telecommunications landscape is witnessing new developments and trends such as market liberalization, Etisalat is keen to expand its operations to new and promising markets that maximize value for shareholders", he added. Etisalat has seen growth in its main business areas. The number of mobile users has crossed the 5.5 million threshold, a growth of 27% over 2005. Fixed line numbers also witnessed a 4% increase over 2005, with the number now totaling 1.28 million. Internet subscriber base reached 660,000 by the end of 2006. Source