Telecom Etisalat posts net profit of $2.2B as CEO resigns

Staff Writer
Columbus CEO

DUBAI, United Arab Emirates (AP) — Etisalat, an Emirati telecommunications company, has posted a net yearly profit of $2.2 billion in 2015 and says that its CEO has resigned.

Etisalat made the twin announcement Thursday. It says CEO Ahmad Julfar resigned for personal reasons and has been replaced by acting CEO Hatem Dowidar.

The statement quoted Dowidar as saying he would work for the "next three months with the board to further optimize the group's structure." It did not elaborate.

Etisalat, based in the Emirati capital of Abu Dhabi, is one of two telecommunications companies in the country. It is 60-percent government owned and opened its shares to foreign investors in September.

The company says it has 167 million subscribers across 18 countries. It also says it had revenues of $14 billion in 2015.