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Etisalat Group chief executive Ahmad Julfar has resigned from his post with immediate effect.

The announcement came as the telco confirmed its net profit after royalties hit Dh2.6 billion during the fourth quarter.

A statement from the operator on the Abu Dhabi stock exchange said that Mr Julfar had resigned for personal reasons, giving no further detail.

Mr Julfar, who is also the deputy chairman of the mobile phone industry body the GSM Association, was scheduled to give a keynote speech at last month’s Mobile World Congress in Barcelona, but pulled out of the event at the last minute for health reasons.

The group’s chief operating officer, Hatem Dowidar has been appointed as acting chief executive until a restructuring of the group is completed in June, the company said.

The company’s shares, which were opened to foreign investors for the first time in September, have risen more than 70 percent in the past nine months.

They last traded at Dh18.85 on Tuesday.

The board also proposed a final dividend of 40 fils a share for 2015, taking the full dividend for the year to 80 fils.

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