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Etisalat's 2018 net profit rises 2.4% to Dh8.6b

Etisalat Group on Tuesday said its consolidated net profit after Federal royalty rose 2.4 per cent to Dh8.6 billion in 2018 due to slight increase in aggregate subscribers base at 141 million.
In a statement, the Abu Dhabi-based group said its 12-month consolidated revenues inched up one per cent to Dh52.4 billion last year. The subscriber base reached to 12.6 million in the UAE last year.
The group's 2018 fourth-quarter consolidated revenue amounted to Dh13 billion while consolidated net profit after Federal Royalty in Q4 amounted to Dh2 billion, representing an increase of 2.4 per cent in comparison to the same period last year resulting in a net profit margin of 16 per cent.
"Our journey in 2018, marks another successful year for Etisalat in realising its vision towards leading the digital future to empower socialites," said Eissa Mohamed Al Suwaidi, chairman, Etisalat.
"Today, we look at the future with optimism as we are determined to progress on solid grounds and continue innovation while focusing on driving the digital transformation to take advantage of future opportunities enabling us to add greater value to our customers and shareholders," he added.
Earnings per share (EPS) amounted to Dh0.23 in the fourth quarter and Dh0.99 for the full year of 2018, an increase of 2.4 per cent in comparison to the same period last year.
"Etisalat had a landmark year in 2018 as we embarked on a successful journey into the digital future seizing opportunities and overcoming challenges in a fast evolving industry. Etisalat is moving forward with confidence setting new goals to drive digital transformation across the company, its customers and stakeholders," said Saleh Abdullah Al Abdooli, group chief executive officer, Etisalat.
He said etisalat's performance in 2018 is a testimonial of the group resilience and ability to mitigate the pressures arising from the dynamic challenges facing the industry. Etisalat's strategy 'Driving the digital future to empower societies' helped deliver a digital experience and enable innovation across our customers and businesses, he said.
"With continuous efforts towards delivering the 5G promise, etisalat's pioneering efforts will allow our customers to enjoy and unleash highly connective technologies blending physical and digital realms from AR and VR to IoT, AI, autonomous vehicles, advanced robotics, 3D printing, wearable tech and more. Innovation remains at the core of our strategy with a focus on empowering digital transformation by enhancing and building one of the most advanced networks in the region.
"In 2018 we pursued an ambitious agenda in the digital space to maintain our leadership position across our operations. Our focus remains on providing governments, businesses and individuals with innovative, simple, and relevant solutions that harness the power of technology and maximises their potential," he said. - business@khaleejtimes.com