Etisalat Group Reports a 3% increase in revenues in 1st 9 months

October 25, 2018 2:22 pm


Etisalat Group announced its consolidated financial statement for the nine months ending 30th September 2018. stating revenues at AED39.4 billion ($10.73 bn)

Financial Highlights and Key Developments

– Nine-month consolidated revenues reached AED 39.4 billion, an increase of 3% compared to the same period last year.

– Nine-month consolidated net profit after Federal Royalty amounted to AED 6.6 billion an increase of 2% compared to the same period last year.

– Aggregate subscriber base reached 144 million; representing Year over Year increase of 3%.

– Etisalat Group was granted the approval of the Securities and Commodities Authority on the share buyback program.

– Etisalat Group’s board of directors recommends lifting restrictions on foreign shareholders voting rights.

– Etisalat Misr and Telecom Egypt signed the first MoU for virtual fixed voice services.

Read: Will Etisalat’s net profits rise or drop in 2018?

– Etisalat Misr launched Egypt’s First Voice Over LTE (VoLTE) services.

– Expo 2020 Dubai becomes the first 5G major commercial customer in MEASA through a partnership with Etisalat.

– Etisalat launched innovation program ‘Future Now’ featuring a scale-up program, co-creation lab, innovation center & IoT ecosystem.

– Etisalat partners with UAE Paralympics at Asian Para Games.

– Etisalat brings iPhone XS, iPhone XS Max, Apple Watch Series 4 (GPS + Cellular) to UAE.

– Etisalat introduces free ‘Talking Bill’ service for People of Determination.

– Etisalat launches first ‘Annual Add-on’ data packs in the UAE

– Microsoft and Etisalat UAE to bring GCC’s first mobile carrier payment option to Xbox gamers.

Read: Etisalat launches SMB Festival with top deals for small businesses & startups

Eng. Saleh Abdullah Al Abdooli, CEO, Etisalat Group said: “Etisalat Group continues to deliver a solid performance in the third quarter thanks to our continued focus and effort in the digitalization of services and solutions. As we move into the 5G era, our network and talented teams are well equipped to lead the ever-changing requirements of our consumers and the telecom industry.

Etisalat GCEO Eng.Saleh Abdullah Al abdooli

“In keeping the momentum of our success and focusing on adding value to our customers and shareholders, we remain committed to bring innovative solutions and provide value propositions for the digital age. Our efforts have helped build a dynamic ecosystem that will drive future growth and pave the way for our digital ambitions and implementation of futuristic technologies.

“Etisalat is confidently moving forward and progressing positively in enabling societies across its operations. We will continue to focus on creating innovative services, capitalizing on opportunities for new revenue streams and enhancing the overall customer experience while delivering long-term value for all our stakeholders.”

“Etisalat is thankful to the vision of the wise leadership of UAE in positioning the country among the most digitally advanced globally, inspiring us to deliver world-class networks and innovative services. We also extend appreciation to our shareholders and loyal customers, to whom we owe more success and greater achievements.”

In the UAE, the subscriber base reached to 12.5 million subscribers, while Etisalat Group aggregate subscribers reached 144 million subscribers representing a year on year increase of 3%.

Read: Who is winning the du vs. Etisalat rivalry?

Q3 – Revenue & Net profit

Etisalat Group’s consolidated revenue for the third quarter of 2018 amounted to AED 13.2 billion with a growth of 2% in comparison to the same period last year,  Consolidated net profit after Federal Royalty amounted to AED 2.3 billion ($626 million) resulting in a net profit margin of 17%.

 

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AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.



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