Etisalat Group reports net profit of Dhs6.2b

27/10/2016 05:46 AST

The Etisalat Group has reported a net profit of Dhs6.2 billion for the first nine months of 2016, an increase of 9 per cent compared to same period last year.

The consolidated financial statements issued today show that consolidated revenues of the group amounted to Dhs13.2 billion and increased year-over-year by 3 per cent. Similarly consolidated net profit after Federal Royalty amounted to Dhs1.9 billion, registering an increase of 16 per cent after adjusting for the impact of sale of Sudanese fixed-line operator Canar.

The EBITDA, which is earnings before interest, tax, depreciation and amortization, amounted to Dhs6.8 billion, representing an increase of 3 percent year-on-year and resulting in the EBITDA margin of 51 per cent. The number of subscribers reached 162 million. The group also completed the sale of its shareholding in Canar Telecom in Sudan.

The group launched a new Digital Business Unit in the UAE under the name Etisalat Digital, and also announced first Data Balance Transfer Service beside the launch of its new ‘Etisalat Wallet’ service in the UAE.

Saleh Al Abdooli, CEO, Etisalat Group, said, “The robust and constant growth of Etisalat Group is underpinned by our continued investments in next-generation services and solutions that add tremendous value to the communities we serve and enhance the customer experience. As a leading ICT provider in emerging markets, we are pushing our boundaries consistently, by not only responding swiftly to digital advancements, but also in proactively delivering cutting-edge services and solutions to our customers. Our first-mover accomplishments set us apart and make us the go-to overall service provider for customers, businesses and governments.”

“We understand the aspirations of our customers, and that drives us to deliver innovative solutions to meet the demands of today’s digital age. Today, we deliver the fastest speeds in the region through our 4G LTE network, and we are contributing to transforming the UAE as a global leader in Fibre-To-The-Home deployment by delivering high quality, high-speed connectivity for nearly 90 per cent of the country’s populated homes,” he added.

The Gulf Today