Etisalat Group reports net profit of AED 6.2 billion in nine months of 2016

ABU DHABI, 26th October, 2016 (WAM) — The Etisalat Group has reported a net profit of AED6.2 billion for the first nine months of 2016, an increase of 9 percent compared to same period last year.

The consolidated financial statements issued today show that consolidated revenues of the group amounted to AED13.2 billion and increased year-over-year by 3 percent. Similarly consolidated net profit after Federal Royalty amounted to AED1.9 billion, registering an increase of 16 percent 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 AED6.8 billion, representing an increase of 3 percent year-on-year and resulting in the EBITDA margin of 51 percent. 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. We have also made good progress on trials of our 5G network in the UAE, an investment that will enable our nation and our businesses to achieve transformational growth by leveraging the Internet of Things and The Cloud,” he added.

“Investing in state-of-the-art infrastructure for the future and building intellectual capital, we are honoured to be one of the partners contributing in delivering the vision of our leadership. We are demonstrating our next-generation capabilities through our role as premium partner of the 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,” he stated.

WAM/AAMIR

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