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Etisalat nears 10-yr high after results announcement

Etisalat nears 10-yr high after results announcement
Photo Credit: Arabianeye-Reuters
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ETISALAT
0.00% 18.32 0.00

 

Abu Dhabi – Mubasher: The stock of Emirates Telecommunications Corporation “Etisalat”, listed on the Abu Dhabi Securities Exchange (ADX), surged to its highest level in 10 years, nearing the level of AED 12.10, a record high since July 4, 2005, when it closed at AED 12.40.

This follows Etisalat’s announcement of its financials for 2014, reaching a net profit after Federal Royalty of AED 8.9 billion ($2.42 billion), recording a 26% profit rise. Fourth quarter financials showed a net profit of AED 2.1 billion, 16% increase against figures from Q4-13.

Etisalat announced that the Board “proposed a final dividend of 35 fils per share to be distributed for the second half of the year 2014, bringing the full dividends for the year 2014 to 70 fils per share”.

The Board also called for an extraordinary general meeting (EGM) to elect private sector representatives and approve increasing Etisalat’s share capital ceiling from AED 8 billion to AED 10 billion.

Etisalat topped the ADX’s trades in terms of value with a turnover exceeding AED 27.311 million as 2.36 million shares were traded. The stock boosted the telecoms sector to a 3.45% rise.