Etisalat's 9-month profit up 2.1% as subscribers grow

Etisalat Group on Wednesday said its 9-month consolidated net profit rose 2.1 per cent to Dh6.7 billion as aggregate subscriber base posted a steady growth.

In the UAE, the subscriber base reached 12.4 million, while Etisalat Group aggregate subscribers reached 148 million representing an year-on-year increase of 5 per cent.

In a statement, the Abu Dhabi-based telecom giant said its 9-month consolidated revenues reached Dh38.8 billion, while consolidated net profit after federal royalty for the 9-month period amounted to Dh6.7 billion, showing an increase of 2.1 per cent compared to same period last year.

It further said its 9-month consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to Dh20.1 billion, representing an increase of 2 per and resulting in EBITDA margin of 52 per cent.

Etisalat Group's consolidated revenue for the third quarter of 2019 amounted to Dh13 billion, while consolidated net profit after federal royalty amounted to Dh2.3 billion resulting in a net profit margin of 18 per cent.

Eng. Saleh Abdullah Al Abdooli, CEO, Etisalat Group, said etisalat's performance in the third quarter demonstrates "our agility in adapting to the rapid changes in the telecom industry. We have channelled our efforts towards leading the digital transformation with the successful roll out of 5G networks" while equipping our operations with the next generation of technologies like AI and robotics.

"Thanks to our strategy of 'driving the digital future to empower societies' paving the way to achieve our digital ambitions. As we move into the 5G era, it has opened a world of opportunities enabling the deployment of innovative solutions and services across different sectors which will accelerate digital growth, drive efficiencies, and enrich the overall customer experience.

"With continuous collaboration with our partners in the public and private domains, we are well geared to deliver 5G innovative solutions that will alter and reshape our society and industry on a large scale," he said.

"Our investments in Etisalat's infrastructure and human capabilities have given us confidence moving forward to achieve our strategic goals to meet the current and future needs of our customers across our operations," he added.

muzaffarrizvi@khaleejtimes.com