Etisalat Group’s nine-month net profit climbs 9% at Dh6.2b
dubai — Etisalat Group reported on Wednesday net profit of Dh6.2 billion for the first nine months of 2016, an increase of nine per cent compared to the same 2015 period.
For the third quarter, the group posted net profit after royalty of Dh1.9 billion, 16 per cent increase. Consolidated revenues in the third quarter amounted to Dh13.2 billion and increased year over year by three per cent. The quarter saw the telecom group’s aggregate subscribers reaching 162 million.
Consolidated net profit after Federal Royalty amounted to Dh1.9 billion; 16 per cent increase after adjusting for the impact of sale of Canar during the quarter.
Etisalat, which completed the sale of its shareholding in Canar Telecom in Sudan, said its consolidated earnings before interest, tax, depreciation and amortisation (Ebitda) amounted to Dh6.8 billion, representing an increase of three per cent year on year and resulting in Ebitda margin of 51 per cent
Saleh Al Abdooli, chief executive officer of Etisalat Group, said the robust and constant growth of the group was underpinned by continued investments in nextgeneration services and solutions that add tremendous value to the communities it 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 cuttingedge services and solutions to our customers,” he said.
“Our first-mover accomplishments set us apart and make us the go-to overall service provider
Our first-mover accomplishments set us apart and make us the go-to overall service provider for customers, businesses and governments
Saleh Al Abdooli, CEO of Etisalat Group
for customers, businesses and governments,” said Al Abdooli. “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-tothe-home deployment by delivering high quality, high-speed connectivity for nearly 90 per cent of the country’s populated homes,” he said. Etisalat has also made good progress on trials of its 5G network in the UAE, an investment that will enable the nation and businesses to achieve transformational growth by leveraging the Internet of Things and the cloud, said Al Abdooli.
“Investing in state-of-the-art infrastructure for the future and building intellectual capital, we are honored to be one of the partners contributing in delivering the Vision of our leadership.”
We are demonstrating our nextgeneration capabilities through our role as Premium Partner of Expo 2020 Dubai, making the Expo site one of the fastest, smartest and best-connected places in the world. We will continue to focus on creating the world’s best networks in all the markets that we operate, and in delivering long-term value for all our stakeholders,” Al Abdooli added.
— issacjohn@khaleejtimes.com