United Arab Emirates – Mubasher: Financial statements for the UAE’s two telecoms showed that Abu Dhabi-listed Emirates Telecommunications Corporation “Etisalat” recorded the highest number of subscribers.

Financials also showed that Etisalat’s profits were 323% higher than its Dubai counterpart Emirates Integrated Telecommunications Co. “du”. The two telecoms reported a combined net profit of AED 11 billion.

Subscribers for the two firms rose to 16.3 million in 2014 with Etisalat accounting for 55% of subscribers, while du made up the remaining 45%.

Etisalat’s mobile subscribers grew 7% in 2014, exceeding 9 million subscribers.

Following the announcement of the group’s financials, Etisalat Chairman Eissa al-Suwaidi said that 2014 is a year “where the company has experienced growth across the business, which has seen increased revenues and profits, as well as growth in the number of subscribers, but also seen our footprint grow internationally.”

The Abu Dhabi-listed telecom reported a net profit after Federal Royalty of AED 8.9 billion ($2.42 billion), recording a 26% surge compared to figures from 2013.

The telecom group reported a net profit after Federal Royalty of AED 8.9 billion ($2.42 billion), recording a 26% surge compared to figures from 2013. Moreover, fourth quarter financials showed a net profit of AED 2.1 billion against AED 1.45 billion in Q4-13, a 16% rise.

Furthermore, Etisalat announced that its Board proposed a final dividend of 35 fils per share for H2-14, bringing the total dividends for the year to 70 fils per share. The board also recommended a 10% stock dividend.

Meanwhile, Dubai-listed du said that the number of its active mobile subscribers rose to 7.3 million.

It reported a net profit after Federal Royalty of AED 2.11 billion ($572 million) up from AED 1.99 billion in 2013.

du’s board proposed a cash dividend amounting to AED 0.2 to shareholders.