Etisalat Group reports Dhs2.2b net profit in Q1 - GulfToday

Etisalat Group reports Dhs2.2b net profit in Q1

Etisalat

Etisalat plans to invest Dhs4 billion during 2019 in digital transformation, mobile and fiber networks.

Business Bureau, Gulf Today

Etisalat Group on Tuesday announced that its consolidated revenues amounted to Dhs13 billion and consolidated net profit after Federal Royalty amounted to Dhs2.2 billion representing a year over year (y-o-y), increase of five percent and resulting in a net profit margin of 17 per cent.

Etisalat›s financial statements for the three months ending 31st March 2019, showed that in the UAE the subscriber base reached 12.6 million subscribers in first quarter of 2019, while aggregate subscriber base reached 143 million, representing a y-o-y increase of two per cent.

It›s aggregate subscriber base reached 143 million, representing a y-o-y increase of two percent. Consolidated EBITDA totaled Dhs6.6 billion, representing an increase of two percent y-o-y and resulting in EBITDA margin of 51 per cent. Earnings per share amounted to Dhs0.25 in Q1 2019; a five per cent increase from the same period last year.

Etisalat achieved ‘The Most Valuable Telecoms Brand’ in Mena by Brand Finance. UAE is ranked as a global leader in Fiber to the Home (FTTH) penetration for a third year in a row, according to the leading industry body FTTH Council. Etisalat’s innovation programme ‘Future Now’ signed agreements with four scaleups to develop Artificial Intelligence and Blockchain solutions.

Etisalat collaborates with ‘ Abu Dhabi Smart Solutions and Services Authority’ to digitise government services through its platform ‘TAMM’.

Etisalat unveiled Robotic Centre of Excellence to deliver automated solutions for greater customer satisfaction.

Etisalat launched the first Cloud Gaming service to deliver high-quality (1080p) cloud-based games directly to TV sets from a set-top box.

Saleh Abdullah Al Abdooli, Etisalat Group CEO, said, “Etisalat’s solid performance of the first quarter is a promising start for 2019, an extension for our achievements of last year, and a testimony to the efforts in realising our vision and ambitions toward driving the digital future to empower societies.”  “Etisalat achieved the most valuable telecom brand in the Mena region, yet another significant milestone attributed to our digital efforts. Etisalat infrastructure continues to play a key role in our goal to bring-in full scale digital transformation. The consistent efforts and investment in our network has helped position the UAE as a global leader in FTTH penetration among all its international counterparts for a third year in a row”.

“Etisalat will continue its endeavour towards network modernisation and investment in future technologies such IoT and AI powered by our pioneering deployment of 5G network which will enable the company to address its growing customer and business aspirations with innovative services and solutions. We are confident that 5G will bring a wealth of opportunities in the socio-economic development of the UAE.

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 extend appreciation to our shareholders and loyal customers, to whom we owe more success and greater achievements.”

In the UAE the subscriber base reached 12.6 million subscribers in Q1 of 2019, while Aggregate subscriber base reached 143 million, representing a year over year increase of 2% Revenue & Net Profit.

Etisalat’s pioneering efforts in 5G will pave the way for the ‘Future of Connectivity’ with innovation and digital transformation taking centre stage and leading the company to play a greater role in the digital lives of consumers and enterprises, said Hatem Bamatraf, Chief Technology Officer, Etisalat International recently at 5G Mena 2019 in Dubai, at which Bamatraf was the keynote speaker.

The event witnessed high-level keynotes, 5G use-cases, onstage debates and interviews, executive summits, a series of networking opportunities, an awards ceremony, a day-long Blockchain and IoT focused stream.

As part of his keynote, he highlighted Etisalat’s continuous investments and focus on enhancing and building one of the most advanced networks in the region having empowered digital transformation and opening up opportunities to engage with our customers in new ways.

Etisalat plans to invest Dhs4 billion during 2019 in digital transformation, mobile and fiber networks.

“We are stepping into an era, which marks the revolution of ‘Intelligent Connectivity’ underpinned by ubiquitous and hyper connectivity.

“This term is used to describe the powerful combination of flexible, high-speed 5G networks, the Internet of Things (IoT) and Artificial Intelligence (AI). This will have a significant and profound change on individuals, industries, society and the economy, transforming how we live and work.”