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Revenues prompt 22% profit rise for Etisalat in 9M

Revenues prompt 22% profit rise for Etisalat in 9M
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ETISALAT
-0.33% 18.26 -0.06
Financial statements for Abu Dhabi-listed Emirates Telecommunications Corporation “Etisalat” reveal a strong profit leap by 22% to AED 7.71 billion during the first nine months of 2014 compared to AED 6.2 during the corresponding period in 2013, an increase by AED 1.51 billion.

Etisalat attributed its rise in net profit to increasing revenue by 23% to AED 35.7 billion against AED 29.08 billion in 2013, added to its recent acquisition of a 53% stake in Maroc Telecom.

The Company reported achieving a net profit of AED 2.7 billion during the third quarter of 2014 compared to AED 1.93 billion during the same quarter in 2013, registering a Q-o-Q surge by 40%.

Moreover, Etisalat’s assets have surged by 42% to AED 121.6 billion.