Finance

Etisalat Group’s net profit up 29% year-on-year

UAE telecom company Etisalat Group, which operates and owns subsidiaries in Middle East, Africa and Asia, released its consolidated financial statement on October 25 for the three months ending 30 September. Consolidated net profit after Federal Royalty amounted to AED 2.4 billion resulting in a net profit margin of 19 percent and increased year-on-year by 29 percent. The company’s consolidated revenues amounted to AED 12.9 billion.

Etisalat Group’s UAE branch saw a 3 percent revenue increase year-on-year amounting to AED 7.6 billion. The UAE branch’s net profit amounted to AED 2.0 billion representing 4 percent increase year-on-year. Etisalat’s UAE subscriber base grew 2 percent year-on-year to reach 12.5 million. The company’s aggregate subscriber base reached 140 million up slightly from 139 million in Q2.

“Etisalat continues to deliver solid performance in the third quarter, despite the prevailing global economic challenges and the vastly transforming industry,” said Etisalat Group CEO Saleh Al Abdooli. “We are on the verge of entering a new era, which transcends any technological disruption we ever witnessed, and will be altering and reshaping our society and industry on a large scale.”

In Q3 2017, Etisalat signed a strategic partnership as part of Dubai Future Accelerators program to bring future medical care solutions to UAE and the MENA region. The company successfully completed the fastest 5G live trial globally reaching 71Gbps, and launched 4G services in Egypt through its subsidiary Etisalat Misr. Etisalat also launched a new brand ‘Swyp’ targeting youth in UAE.

“Etisalat is confidently moving forward and progressing positively in enriching lives and enabling societies across its footprint,” said Mr. Al Abdooli. “As a group, we will always assure a vigorous portfolio that is generating synergy, focusing on customer experience, growing value, and operating as one family.”

Mr. Al Abdooli added, “As we look back at our achievements, we sense and honor the great support that was extended to us by the wise leadership of the UAE, who did not only enable the creation of a world class telecom sector, but are also leading the way and acting as role models in technology adoption. Appreciation is also extended to our shareholders and loyal customer, to whom we owe more success and greater achievements.”