Etisalat Group reports AED2.3 bn in consolidated net profit for Q1’21

ABU DHABI, Etisalat Group today said its consolidated net profit, after deduction of the federal royalty, amounted to AED2.3 billion representing a year over year increase of 7.9 percent and resulting in a net profit margin of 18 percent.

This came as the company announced its consolidated financial statements for the three months ending 31st March 2021.

In a statement today, the company said its aggregate subscriber base reached 156 million, representing a year over year increase of 4 percent.

Consolidated revenues amounted to AED13.2 billion while consolidated net profit after Federal Royalty amounted to AED2.3 billion representing a year over year increase of 7.9 percent and resulting in a net profit margin of 18 percent, according to the statement.

Consolidated EBITDA totaled AED6.8 billion, representing an increase of 0.7 percent year over year and resulting in EBITDA margin of 51 percent.

Commenting on the financial results, Eng. Hatem Dowidar, CEO, Etisalat Group, said, “Etisalat Group’s first quarter results are a continuation of the strong performance the company has achieved over the past year due to the resilience and agility shown across our business operations. The company generated record results in the new hybrid scenario helping consumers adapt to a new work-and-learn-from-anywhere reality while continuing to deliver innovative services subscribers require and demand.

“Our teams rallied to support our customers with technology playing a central role in keeping our society, economy and lives connected. Digital evolution is the future where telecom operators are the key players to enable the transition and be the exemplary adopters of digital transformation. Stemming from this conviction, Etisalat will continue its efforts to align its business with the digital mandate it has undertaken, by shifting the operating model, investing in future technologies, generating new revenue streams and by acquiring and disseminating digital capabilities across its markets.

Etisalat is also thankful to the vision of our wise leadership in the UAE in positioning the country among the most digitally advanced globally, inspiring us to deliver world-class networks and innovative services. We will continue to focus on capitalising opportunities and enhancing overall customer experience while delivering long-term value for all our shareholders.”

Source: Emirates News Agency