Etisalat's H1 net profit up 6% to Dh4.3 billion

dubai - Telco's subscriber base reached 144 million, an increase of four per cent

Telecommunications giant Etisalat Group reported on Tuesday Dh4.3 billion net profit for the first half of 2018, up six per cent year on year, as it posted a 12.4 per growth in the second quarter profit to Dh2.2 billion compared to the same 2017 period.

The group said in a statement that its subscriber base reached 144 million, representing a year-on-year increase of four per cent, as its consolidated revenues for the first half amounted to Dh26.2 billion, representing a four per cent increase year on year.

The group also announced the distribution of an interim dividend of 40 fils per share for the first half.

In the second quarter, Etisalat Group's UAE subscriber base reached 12.7 million, representing a year-on-year increase of three per cent, as its second quarter consolidated revenues surged two per cent to Dh13.1 billion.

Essa Mohamed Al Suwaidi, chairman of Etisalat Group, said the group's financial performance in the first half showcased its ability to innovate and lead in the telecom and digital services arena.

He said etisalat would continue to be a technology leader and noted that its recent 5G commercial launch was another testament of such efforts, allowing telecom players to tap promising opportunities that will enable greater benefits for all segments of customers.
The financial performance continues to lay a solid foundation for investment, hence, enabling etisalat to introduce solutions that will reshape the industry and change the business operating dynamics, said Al Suwaidi.

Eng. Saleh Al Abdooli, CEO, Etisalat Group, said the financial result is an outcome of the company's efforts to drive growth and generate efficiencies, with "an unwavering commitment to key strategic priorities that will enable a digital future, transform the ecosystem and drive digital innovation across our operations."

Al Abdooli said etisalat was the first telecom operator to successfully launch the first 5G ultra-mobile broadband experiences in the region, and through its partnership with Expo 2020 Dubai, the latter became the first 5G major commercial customer in the region. "Such collaboration is a declaration of a new era of digital connectivity and an acknowledgment of 5G's rich anticipated potential," he said.

Al Abdooli said etisalat would continue to pilot and explore new technologies while probing prospective use cases that will maximise value and bring tangible benefit to customers and shareholder.

"Etisalat remains grateful to the country's leadership for their continuous support, and thankful to its customers who have played a critical role in its journey. We believe in our ability to be the catalysts who will enable the transition of society in the new digital era, and we are bound to unfold greater accomplishments down the road."

In the first half, etisalat and Microsoft formed a strategic partnership to deliver the Microsoft Cloud from their first datacentre located in the Middle East. The telecom operator also formed an alliance with AeroMobile for in-flight roaming coverage for business users.

During the period, etisalat launched remote SIM provisioning of any embedded devices, while commercially launching the e-SIM enabled/LTE connected Apple Watch Series 3. It also launched two new challenges with Dubai Future Accelerators, focusing on digital customer care and transformation of visitors' experience using artificial intelligence and augmented/virtual reality, the company said.

- issacjohn@khaleejtimes.com