Etisalat Group posts AED 4.3bn profit for H1 2018

Profits up 6% year-on-year, subscriber base grows 4% in same period

Tags: Etisalat International - UAEUnited Arab Emirates
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Etisalat Group posts AED 4.3bn profit for H1 2018 The strong financial performance will lay a solid foundation for investment for Etisalat, says Al Suwaidi.
By  Mark Sutton Published  July 24, 2018

Etisalat Group has announced a 6% year-on-year growth in net profits, to AED 4.3 billion for the first half of the year.

The group generated revenues of 26.2 billion of the half, up 4%.

The telco said it was able to grow its subscriber base by 4% year-on-year, to reach 144 million, including over one million VoLTE subscribers. UAE subscribers reached 12.7 million representing a 3% increase.

Etisalat Group second quarter consolidated revenues amounted to AED 13.1 billion representing 2% increase y-o-y, and second quarter consolidated net profit amounted to AED 2.2 billion, representing 12.4% increase.

Essa Mohamed Al Suwaidi, Chairman of Etisalat Group said: "Etisalat Group's financial performance of the first half of this year showcased its ability to innovate and lead in the telecom and digital services arena. We will continue to be technology leaders and our recent 5G commercial launch is another testament of our efforts, allowing us to tap into promising opportunities that will enable greater benefits for all segments of customers. The financial performance continue to lay a solid foundation for investment, hence, enabling Etisalat to introduce solutions that will reshape the industry and change the business operating dynamics.

"I would like to thank the wise leadership of United Arab Emirates for their continuous support and the Etisalat management team in making the digital vision a reality by staying focused on the company's long-term strategy to drive stakeholder value. Thanks to both our supportive shareholders and loyal customers for inspiring us to set new global benchmarks and reach new business heights."

Eng. Saleh Al Abdooli, CEO, Etisalat Group added: "Etisalat Group's financial results in the first half of 2018 is an outcome of our sincere efforts to drive growth and generate efficiencies, with an unwavering commitment to key strategic priorities that will enable a digital future, transform the ecosystem, and drive digital innovation across our operations.

"We are proud that Etisalat was the first telecom operator to successfully launch the first 5G Ultra-Mobile broadband experience in the region, and through our partnership with Expo 2020 Dubai, the latter became the first 5G major commercial customer in MEASA. Such collaboration is a declaration of a new era of digital connectivity, and an acknowledgment of 5G's rich anticipated potential.

"Moving forward, we will continue to pilot and explore new technologies while probing prospective use cases that will maximize value and bring tangible benefit to customers and shareholder. Etisalat remains grateful to the country leadership for their continuous support, and thankful to its customers who have played a critical role in its journey, we believe in our ability to be the catalysts who will enable the transition of the society in the new digital era, and we are bound to unfold greater accomplishments down the road."

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