UAE Etisalat Telecom's Profit up 26% in 2014

UAE telecom giant Etisalat said Thursday its net profit surged 26 percent last year to reach $2.43 billion as the company saw a hike in subscribers after acquiring a Morocco operator stake.

The company said its net profit in 2014 after deducting royalty reached 8.9 billion dirhams, while revenues for the whole year surged also 26 percent to 48.8 billion dirhams.

Etisalat said it added 21 million new subscribers, bringing the total to 169 million, as the company completed its acquisition of 53 percent of Maroc Telecom.

"2014 was an auspicious year for Etisalat. It is one 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," said chairman Eissa al-Suwaidi.

In the fourth quarter, Etisalat posted a net profit of 2.1 billion dirhams, 47 percent up from year earlier.

Etisalat operates in several countries, including Egypt and Saudi Arabia.