News
Hatem Dowidar appointed acting chief executive as U.A.E.-based telco reports 7% rise in full-year revenue.
Etisalat CEO Ahmad Julfar resigned with immediate effect on Thursday, citing personal reasons.
Julfar joined Etisalat in 1986, working his way up to chief operating officer in 2006. He was appointed CEO in 2011.
"I would like to thank Mr. Julfar for his contribution to the achievements of Etisalat Group and the leadership he has shown throughout his tenure," said Etisalat chairman Eissa al-Suwaidi, in a statement.
Hatem Dowidar, who until today served as chief operating officer, has been appointed acting CEO.
"First I would like to thank Mr. Ahmad Julfar for his great contribution; his progressive vision has helped build Etisalat Group into what it is today. I also want to thank the board for entrusting me with the responsibility of acting Group CEO in this important period," Dowidar said.
The announcement came alongside Etisalat’s financial results.
Full-year revenue increased 7% year-on-year to 51.7 billion dirhams (€12.76 billion), AED12.7 billion of which was generated in the fourth quarter.
Fourth-quarter EBITDA increased 19% on last year to AED6.5 billion, while net profit grew 10% to AED2.6 billion.
At the end of December, Etisalat had 167 million customers.
"I am confident that the foundation of solid, long-term performance, combined with our experience and expertise, will ensure that Etisalat Group continues to deliver value to its shareholders and customers," said Dowidar.
