UAE’s Etisalat says second-quarter profit up 6% to Dh2.2 billion

27/07/2017 05:56 AST

Etisalat, the UAE’s biggest telecoms operator, on Wednesday said its second-quarter rose 6 percent to Dh2.2 billion (SR2.25 billion) from a year earlier.

The company did not elaborate if the figure was attributable to shareholders and did not provide a year earlier figure with the statement.

Thomson Reuters data showed its net profit attributable to shareholders was Dh2.31 billion in the same quarter a year earlier. SICO Bahrain and EFG Hermes forecast a quarterly profit of Dh2.19 billion and Dh2.18 billion, respectively.

Etisalat’s UAE subscriber base reached 12.4 million, up 2 percent from a year earlier. “Etisalat group’s geographic footprint expands across the Middle East, Africa and Asia witnessing various opportunities and challenges in each market that are governed by specific economic conditions,” said Etisalat Group’s chief executive Saleh Al Abdooli said in a statement.

“Some of these markets witnessed macroeconomic challenges that imposed limitations on investments and future growth.”

Etisalat terminated a management agreement with its Nigerian arm earlier this month and has given the business time to phase out the Etisalat brand. The UAE-based telecoms operator had a 45 percent stake in the Nigerian business.


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