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DIGITAL TRANSFORMATION BOOST

Etisalat Group's nine-month net profit surges to $1.8bn

ABU DHABI, October 23, 2019

UAE's leading telecom services operator Etisalat Group said its consolidated revenues for the nine-month period reached to Dh38.8 billion ($10.6 billion), while consolidated net profit after Federal Royalty amounted to Dh6.7 billion ($1.82 billion), up 2.1 per cent compared to same period last year.

Announcing its consolidated financial statement for the nine months ending September 30, 2019, Etisalat said the consolidated earnings before interest, taxes, depreciation, and amortisation (ebitda), amounted to Dh20.1 billion, representing an increase of two per cent Year over Year (YOY) and resulting in ebitda margin of 52 per cent.

The aggregate subscriber base reached Dh148 million; representing YOY, increase of five per cent, said Etisalat in its statement on Wednesday.

Commenting on the results, Group CEO Saleh Abdullah Al Abdooli 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," he noted.

"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," he added.

In the UAE, the subscriber base reached to 12.4 million subscribers, while Etisalat Group aggregate subscribers reached 148 million subscribers representing a YOY increase of five 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.

Consolidated ebitda totalled Dh6.8 billion, representing an increase of three per cent YOY and resulting in ebitda margin of 52 per cent.-TradeArabia News Service




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