Local Business

Etisalat posts Dh6.6b net profit for nine months

Issac John /Dubai
Filed on October 25, 2018

(Supplied photo)

Etisalat Group reported on Thursday a two per cent growth in consolidated net profit after Federal Royalty to Dh6.6 billion in the first nine months as its subscriber base reached 144 million, up three per cent year on year.

The telecoms major said its nine-month consolidated revenues reached to Dh39.4 billion, an increase of three per cent year on year.

In the third quarter, Etisalat revenue rose two per cent to Dh13.2 billion in comparison to the same period last year, while consolidated net profit after Federal Royalty amounted to Dh2.3 billion, a net profit margin of 17 per cent.

The region's leading telecom group, which was granted approval by the Securities and Commodities Authority for the share buyback programme, said its board of directors had recommended lifting restrictions on foreign shareholders voting rights.

In the UAE, the telecom firm's subscriber base reached to 12.5 million subscribers. In a statement, the telecom operator said Expo 2020 Dubai has become the first 5G major commercial customer in the Middle East, Africa and South Asia region through partnership with Etisalat.

Saleh Abdullah Al Abdooli, CEO, Etisalat Group, said the operator continues to deliver a solid performance in the third quarter thanks to its focus and effort in the digitalisation of services and solutions.

"As we move into the 5G era, our network and talented teams are well equipped to lead the ever-changing requirements of our consumers and the telecom industry," said Al Abdooli.

"In keeping the momentum of our success and focusing on adding value to our customers and shareholders, we remain committed to bring innovative solutions and provide value propositions for the digital age. Our efforts have helped build a dynamic ecosystem that will drive future growth and pave the way for our digital ambitions and implementation of futuristic technologies," he said.

Al Abdooli said Etisalat is confidently moving forward and progressing positively in enabling societies across its operations. "We will continue to focus on creating innovative services, capitalising on opportunities for new revenue streams and enhancing overall customer experience while delivering long-term value for all our stakeholders."

Etisalat said its Egyptian subsidiary Etisalat Misr and Telecom Egypt signed the first MoU for virtual fixed voice services. Etisalat Misr also launched Egypt's First Voice Over LTE services.

Early this year, Etisalat had allocated Dh3.6 billion for 2018 to continue investing in the modernisation of mobile and fibre-optic networks and infrastructure development through investments in future technologies including Internet of Things, Artificial Intelligence and robotics. - issacjohn@khaleejtimes.com



Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.

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