The seeds are sown by me, but the fruits of this adventure are the result of your comments and continued support.
Friday, 23 April 2010
Well well well, the Q1 results for 2010 are out and Etisalat has made just under 2 billion dirhams in profits. This is an offensively large amount of money especially for a small country (UAE has about 5 million people) that is going through a recession of sorts.
If this performance continues all through the year, and you cut a bit off for inefficiencies and what not, you will get a grand profit of about 7 bn dirhams a year! Just to clarify that's about $2bn! This qualifies Etisalat in my opinion to practically print money for its shareholders. It's a printing press, plain and simple.
To get an idea what this money could do, 7 bn shared over the whole UAE population would mean each one of us gets a handsome 1400 Dhs a year.. this equates to about the price of a good mobile phone. Now since it's only possible for Emaratis to buy Etisalat shares, we can safely assume that only Emaratis will profit from their profit.
So, for every Emarati there are 4 expats, this means that each one of us gets 5600 Dhs.. which could handsomely cover my annual fuel bill for my gas guzzling V8 SUV and bike, and this includes the coming 10-15% hike in prices.