Friday , November 22 2019

Etisalat nine-month profit up 2.1% to AED6.7 billion

ABU DHABI / WAM

Etisalat Group on Wednesday announced its consolidated financial statement for the nine months ending September 30. Consolidated revenues reached to AED38.8 billion, while consolidated net profit after Federal Royalty amounted to AED6.7 billion an increase of 2.1 percent compared to same period last year.
Aggregate subscriber base reached AED148 million; representing year over year (y-o-y), rise of five percent, said a press release by Etisalat on Wednesday.
Nine month consolidated
Earnings before Interest, Taxes, Depreciation, and Amortisation, (Ebitda), amounted to AED20.1 billion, representing an increase of two percent y-o-y and resulting in Ebitda margin of 52 percent.
Commenting on Etisalat’s achievements, Saleh Abdullah Al Abdooli, CEO of Etisalat Group, 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. As we move into the 5G era, it has opened a world of opportunities enabling 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 percent.
Etisalat Group’s consolidated revenue for the third quarter of 2019 amounted to AED13.0 billion, while consolidated net profit after Federal Royalty amounted to AED2.3 billion resulting in a net profit margin of 18 percent.
Consolidated Ebitda totaled AED6.8 billion, representing an increase of 3% y-o-y and resulting in Ebitda margin of 52%.

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