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Etisalat Q3 net profit up 6% to $653m

ABU DHABI, October 21, 2020

Etisalat Group, the leading telecom service provider in the UAE, today reported a 6% increase in consolidated net profit for the third quarter (Q3) 2020 to AED2.4 billion ($653 million), resulting in a net profit margin of 18%.
 
In Q3 2020, Etisalat’s consolidated revenues reached AED13 billion and the consolidated EBITDA amounted to AED6.9 billion, representing an increase of 2% year over year and resulting in EBITDA margin of 53%.
 
The company’s aggregate subscriber base reached 149 million, representing an Y-o-Y increase of 1%. In the UAE, the subscriber base reached to 12.1 million.
 
Other highlights of the Q3 results are:
Etisalat subscribers can now access 5G fixed networks for the first time from their homes in UAE;
Etisalat partnered with Ericsson to connect to its charging system and 5G Business Support Systems (BSS) supporting new use cases including IoT, network slicing, AR and VR; 
Etisalat partnered with Smartworld to exclusively bring ‘Shahada’, a tamper proof digital certificate platform for all educational institutions in the region;
Dubai International Financial Centre (DIFC) collaborated with Etisalat to deploy innovative technologies for an advanced telecom infrastructure, high speed internet and superior mobile connectivity;
Etisalat partnered with Synamedia to launch Switch TV, a new direct-to-consumer (D2C) multi-screen service with both free and premium live TV channels, catch-up and on-demand;
Digital Financial Services, a joint venture between Etisalat and Noor Bank announced eWallet’s utility bill payment services; and
Etisalat launched e-store, a free website builder part of the Business Edge portfolio for SMB customers to transform their businesses online 
 
Hatem Dowidar, Acting CEO, Etisalat Group & CEO, Etisalat International, said: “Etisalat’s performance in the third quarter exemplifies resilience in these uncertain times and is a testament to the vital role the network played in our customers’ lives, enabling businesses and the society to easily transition to the new normal.
 
“Thanks to the advanced capabilities of our infrastructure, Etisalat will continue to capture new growth opportunities while remaining focused on addressing the increasing customers’ needs during the pandemic. We have sustained our efforts in realising our vision of ‘Driving the digital future to empower societies’ through these challenging times. The availability and access to the super-fast speeds on 5G fixed networks from homes is a testament to our efforts taken towards this direction.” 
 
Etisalat will move ahead in its journey of transformation on an accelerated path showing agility by future-proofing its business against challenges and capitalising on opportunities, said Dowidar. 
“We will remain focused on our long-term goals while creating incremental business value. As a company, we will continue to digitally transform our business, focusing on innovation in our existing assets by building new capabilities that are digitally enabled and sustainable,” he said. -TradeArabia News Service



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