Abu Dhabi-based Etisalat reported a 27 per cent increase in revenue to AED12.6 billion (€2.5 billion/$3.4 billion) in the second quarter of 2014 following the completion of its acquisition of Maroc Telecom from Vivendi in May.
Second-quarter net profit rose by 26 per cent to reach AED2.5 billion, while in the first six months net profit increased by 19 per cent year-on-year to AED4.5 billion. Revenue in the first six months reached AED22.5 billion.
The UAE operator noted that the purchase of Vivendi's 53 per cent share in Maroc Telecom for €4.1 billion ($5.5 billion) also represented the largest ever M&A deal in Morocco, the largest cross-border deal in Middle East and North Africa (MENA), and the largest ever telecoms transaction in North Africa.
"Maroc Telecom is a well-run company, and this acquisition is the largest deal in the history of our great company and a truly exciting moment for us all," commented His Excellency Eissa Al Suwaidi, chairman of Etisalat.
Etisalat's total subscriber base grew by 27 per cent year-on-year to reach 182 million subscribers by the end of June, also as a result of the consolidation of Maroc Telecom. Etisalat is now present in 19 markets in the MENA region.
In May, Etisalat dropped its bid to acquire all outstanding shares in Maroc Telecom, reversing a previous offer. The operator gained an exemption from a Moroccan trading rule that required it to bid for outstanding free float shares in the African operator.
Earlier in May, Etisalat agreed to sell its stakes in its French-speaking West Africa operations to Maroc Telecom for $650 million (€480 million) in order to consolidate control of the West Africa operations and benefit from Maroc Telecom's experience in this market.
For more:
- see this Etisalat release
- see this Reuters article
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