Teleco: Etisalat
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Una foto del edificio de Etisalat en Abu Dhabi, de noche:
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Investors spooked by royalty hike.
Shares of telecom firms in the United Arab Emirates tumbled on Tuesday as a hike in the amount of royalties, or taxes, that local operators will have to pay the government unnerved investors.
In Dubai, Du shares plunged 9.8% to AED3.50, while Abu Dhabi-based Etisalat slumped 8.9% to AED8.97 in the capital.
UAE telecom operators are taxed via royalties under licence agreements with the government, and the total amount Etisalat will be paying could rise under the new formula, which includes a levy on its revenues as well as profits.
The former monopoly, which operates in 15 countries across the Middle East, Asia and Africa, previously paid 50% of its annual profit in royalties, but as its profits fell so too did government receipts.
Etisalat paid 5.8bn dirhams ($1.58bn) in royalties in 2011, down from 7.6bn dirhams in 2010 and 8.8bn dirhams in 2009.
From 2012 to 2015, the firm – formally known as Emirates Telecommunications Corp – will pay 35% of its profit in royalties, plus a further 15% of revenue, according to a government statement yesterday.
That means state receipts will be less affected by Etisalat’s profitability, which has waned as a rapid foreign expansion failed to offset falling market share and margins at home.
“It looks like from the government’s point of view, one aim perhaps – the main aim – of the new royalty schedule is to deal with the changing financial performance at Etisalat and in particular the fact that profits have tended to decline over the past few years,” Matthew Reed, a senior analyst at Informa Telecoms and Media in Dubai. “The telco royalty fees, particularly from Etisalat, represent a significant part of federal government revenues.”
Etisalat’s royalties in 2010 provided more than a sixth of the 43.6bn dirham federal budget.
Had Etisalat’s new royalty regime applied to its 2011 earnings, it would have paid around 8.9bn dirhams in royalties, rather than 5.8bn, according to Reuters calculations, while its royalties for the nine months to September 30, 2012, would rise about 32% to roughly 7.8bn dirhams.
Few details were provided in the government statement, but it seems likely that the calculations determining Etisalat’s royalties will follow the existing method used for rival operator du.
Last year, du paid 5% of its revenue in royalties, plus 15% of its profit. Crucially, the revenue royalty was not deducted from its profit before the profit royalty was calculated. This meant du effectively paid a profit tax rate of about 39%, according to analysts and Reuters calculations.
Du said in a separate statement to Reuters that it plans to use the same method of calculating its royalties for 2012.
The government also changed the future royalty structure for du, which has built up an estimated 47% share of the UAE’s mobile subscribers since launching services in 2007.
Du will pay 5% of revenue and 17.5% of profit in royalties for 2012, with this steadily increasing to 15 and 30% respectively in 2016. Etisalat will pay the same rates as du in 2016.
Etisalat, the United Arab Emirate’s largest telecom operator, has recorded an increased net profit of US$232.6m during the 2012 fourth-quarter after writing down the value of businesses in Pakistan and Sudan by a total of US$769m.
Fourth-quarter profits rose 17 percent from US$191.6 during the same period in 2011, when the company wrote down US$827m in its Indian operation.
Across the year, the government-owned company posted a US$1.82bn profit, up 15 percent.
Revenue across the Etisalat Group, which has operations in 15 countries in the Middle East, Africa and Asia, grew 2 percent to US$8.9bn in 2012.
UAE revenues declined 1 percent to US$6.2bn, which the company attributed to fewer voice calls, partially offset by an increase in internet and data usage.
Earnings from international operations grew by 11 percent to US$2.5bn during 2012, and now make up 29 percent of the group’s total consolidated revenues.
However, the company wrote down losses worth US$644m in its Pakistani investment, Pakistan Telecommunication Co Ltd (PTCL), the company’s third largest segment, and US$459m in Sudan fixed-lined operator Canar.
“Impairment losses were primarily driven by increased discount rates as a result of increases in inflation in the operating countries and challenging economic and political conditions, as well as by the downtrend in real estate prices combined with the negative local currency fluctuation,” the Abu Dhabi-based company said in its annual report.
The company had diversified its investments, focusing on high growth or high population markets, following declining profits in eight out of nine quarters up to the first quarter of 2012 on the back of UAE rival du entering the market in 2007.
Dubai’s measure extends gains after closing at a 39-month high in the previous as sign of recovery in local economy boost sentiment and Abu Dhabi also gains.
Dubai’s bellwether Emaar Properties adds 0.8 percent, National Central Cooling (Tabreed) jumps 7.2 percent and telecom operator du gains 1.9 percent.
Du on Tuesday reported a surge in quarterly profit and hit a four-year high.
Dubai’s index climbs 0.8 percent to 1,929 points, its highest intraday level since December 2009.
Real estate prices in Dubai rose in 2012 as demand returned, partly because of funds inflow from regional countries hit by the Arab Spring. The recovery however remains fragile. The property bubble collapsed after the 2008 financial crisis and prices slumped 50 percent from their peak.
Shares in Etisalat jumps 4 percent to its highest since October 2011 despite posting a lower-than-expected fourth-quarter profit.
UAE’s biggest telecom operator wrote down the value of businesses in Pakistan and Sudan by a combined US$769m. It made a quarterly profit of AED854.3m, according to Reuters calculations.
SICO Bahrain forecast the firm to post a profit of AED2.8bn.
Trading in Etisalat is restricted to UAE nationals.
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