Etisalat posts net profit of $572m for Q1

25/04/2017 16:34 AST

UAE-based telecom Etisalat Group has posted a net profit after royalty of Dh2.1 billion ($572 million) for the first quarter of the year resulting in a net profit margin of 17 per cent and year-over-year increase of five per cent.

The company’s aggregate subscriber base reached 159 million, while consolidated revenues amounted to Dh12.5 billion ($3.4 billion).

EBITDA totalled Dh6.4 billion and resulting in EBITDA margin of 51 per cent.

Saleh Al Abdooli, Etisalat Group CEO said: “Etisalat has delivered a strong performance in the first quarter, a reflection of its strategy demonstrating Group’s ability to sustain momentum in spite of vastly changing global industry trends.”

“The Digital Evolution is the future, and the telecom operators are the key players to enable the transition and be the exemplary adopters of the digital transformation, while harvesting its benefits in the form of improved products and services, faster time to market, enhanced customers’ experience, and enriched smart living,” he added.

“Stemming from this conviction, Etisalat has continued its efforts to align its business with the digital mandate it undertaken, by shifting the operating model, investing in future technologies, and by acquiring and disseminating digital capabilities across its operations.

“This would allow Etisalat Group to generate new revenue streams, enrich its business, and provide unique and innovative propositions that would exceed the expectations of customers and support governments and enterprises in building smarter communities,” Al Abdooli said.

“We are proud to be one of the most valuable telecom brands in the Middle East, and we are comfortable with the achievements and synergies that were attained at the group scale, we see positive prospects across the majority of the markets we operate in that we are determined to capture and seize.

“As a group, we remain focused on maximizing shareholders’ value, and on our customers who inspire us to explore new arenas and cross new heights,” he concluded.

In the UAE the active subscriber base grew to 12.5 million subscribers in the first quarter of 2017 representing a year on year growth of 4 per cent.

Revenue in the first quarter increased year on year by 5 per cent to Dh7.6 billion in the UAE.

Trade Arabia