Etisalat Group reports Dhs4.4b net profit in H1 - GulfToday

Etisalat Group reports Dhs4.4b net profit in H1


A view of the Etisalat office building. File/ WAM

The consolidated net profit of the Etisalat Group amounted to Dhs4.4 billion during the first half of the year ending 30th June, 2019, representing a 3.1 per cent increase year-on-year.

According to financial results, the subscriber base reached 143 million, representing a year-on-year increase of two per cent. While the consolidated revenues reached Dhs25.9 billion, the consolidated EBITDA totalled Dhs13.3 billion, representing an increase of two per cent year-on-year and resulting in an EBITDA margin of 52 per cent.

The earnings per share amounted to Dhs0.51 in the first half of 2019, a three per cent increase from the same period last year.

The company’s consolidated EBITDA totaled Dhs13.3 billion, representing an increase of 2 per cent year over year and resulting in EBITDA margin of 52 per cent.

Essa Mohamed Al Suwaidi, Chairman of the Etisalat Group said, “Etisalat’s performance in the first half of the year is a testament to its regional leadership in the telecom sector. We have remained focused on our core business, while demonstrating agility to transform and lead in the digital space driven by our bold vision, ‘To drive the digital future to empower societies’.”

He added.”The launch of the first 5G network in the region is a major achievement as it opens up massive opportunities and adds value to both our customers and shareholders, as it will help fast-track new innovative digital services. We recently launched our mobile digital payment banking service e-Wallet, which is a solid step towards achieving the smart vision of the UAE and is in line with the country’s overall objectives to achieve digital transformation.”

He concluded, “Etisalat is thankful to the visionary leaders of United Arab Emirates for their continuous support of the telecom sector and the management team for staying committed and focused to achieve our digital ambitions. We thank all our  customers and  shareholders for the continuous motivation that helped spark growth, contribute to our success, transformation and innovate boldly to make an impact in the near future.”

Saleh Al Abdooli, CEO of the Etisalat Group, said, “Etisalat Group’s solid financial performance in the first half of 2019 is a result of our sincere efforts in building and investing in future networks while focusing on enabling innovation, and accelerating digital transformation across our operations.”

He added, “While Expo 2020 was the first major commercial customer in the MEASA to partner with Etisalat on 5G, Etisalat remains proud of its accomplishments as the first telecom operator to launch the first commercial 5G network in the Mena region. Through our network rollout and the pioneering launch of the first 5G handset in the Mena region, we managed to provide our UAE customers with an opportunity to experience the power of 5G technology before many others. We have also empowered visitors at the Abu Dhabi international airport with indoor ultra-high-speed 5G connectivity, making it the first airport in the region with 5G coverage.” “Our focus will be to continue investments in futuristic solutions and next-generation technologies to deliver the best-in-class services and solutions.”

Etisalat is the first telecom operator in MENA to provide 5G network inside Abu Dhabi’s new international airport, hence enabling it to become the first Airport in the region with 5G coverage allowing speeds of up to 1Gbps.

The company recently launched e-Wallet, the new mobile digital payment service in collaboration with Noor Bank.

The group collaborated with Microsoft as its strategic partner , to provide government entities, large enterprises, and small and medium enterprises with state of the art digital transformative solutions.

The group’s innovation program ‘Future Now’ launched 3 challenges covering the topics of multi-cloud, insurance on demand and industrial IoT, in addition to selecting with 5 startups for next stage.

Etisalat unveiled Robotic Centre of Excellence to deliver automated solutions for  greater customer satisfaction and launched a smartphone self-service vending machine, a ‘first-of-its-kind’ in the UAE.

Etisalat opens ‘Smiles UAE’ application to all residents and visitors in the UAE .

Etisalat awarded private sector’s ‘Leading Practice in Internal Audit’ by UAE Internal Auditors Association and achieved  ‘The Most Valuable Telecoms Brand’  in MENA by Brand Finance.


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