Etisalat posts Dh2.2b Q1 profit, declares interim dividend

Dubai - In the UAE, the group's subscriber base grew to 12.7 million subscribers in first quarter of 2020.

Etisalat Group reported on Wednesday a net profit of Dh2.2 billion resulting in a net profit margin of 17 per cent and announced that its board had approved dividend payout of 25 fils per share.
The leading telecoms group's first-quarter consolidated revenues rose one per cent to Dh13.1 billion as  its earnings before interest, taxes, depreciation, and amortization reached Dh6.7 billion, up 1.5 per cent.
The group's aggregate subscriber base reached 150 million, representing a year over year increase of five per cent as it launched initiatives to support "stay at home" directive offering free mobile internet for families without home internet to facilitate their access to distance learning services, free applications to support work from home for businesses and government entities, the company said in a statement.
In the UAE, Etisalat subscriber base grew to 12.7 million in the quarter.
Obaid Humaid Al Tayer, Chairman, Etisalat Group, said during the challenging times, Etisalat has showed resilience and remained committed towards the communities it serves, ensuring business continuity and readiness, minimising impact on operations and uninterrupted services to customers. "Etisalat's performance in the first quarter reflects our agility in dealing with unprecedented market challenges and pressures facing the telecom sector globally."
Al Tayer said Etisalat remains committed to realising UAE's efforts in 'driving the digital future to empower societies' by delivering world-class networks, infrastructure and innovative services. "This has empowered Etisalat to address the current challenges and meet digital requirements facilitating businesses to work remotely and over a million students enjoying distance learning across the UAE. Through our dedicated teams, we were geared to fully support and serve the community showcasing infrastructure preparedness to deliver access to vital telecom services during today's extraordinary times."
"Moving ahead, we remain optimistic about the future as there are immense opportunities in the midst of the challenges and pressures faced by the telecom sector globally. With digital enablement and innovation making an impact on every sector, the world is moving in full force towards achieving digital transformation," Al Tayer said.
He said 5G network is more important than ever as it will be a key enabler of remote business, education, entertainment and has the capability of addressing customer current and future needs. "Etisalat's pioneering position in 5G will bring these futuristic solutions to governments, businesses and consumers alike reiterating our efforts in digital innovation and also our leadership as a telecom brand regionally and internationally."
During the first quarter, Etisalat completed the acquisition of Help AG, a privately held regional company specialising in the delivery of cyber security solutions and services. It launched open virtual Radio Access Network, becoming the first operator in Mena to achieve this technological feat, and unveiled the 5G-enabled smart patrol for Dubai also Etisalat launched first-of-its-kind tele-health service in the private sector and introduced 'Cloudtalk', a cloud-based platform enabling  business unified communication and collaboration service for small and medium businesses.  
-- issacjohn@khaleejtimes.com