Home / / Etisalat sees Maroc-related 26% earnings bump

Etisalat sees Maroc-related 26% earnings bump

Analysts’ Q2 estimates bettered as recent acquisition feeds bottom line

Etisalat sees Maroc-related 26% earnings bump

UAE telecoms operator Etisalat recorded a 26% year-on-year leap in profit in the second quarter as the company began to reap benefits from its recent acquisition of Vivendi’s majority stake in Maroc Telecom.

Abu Dhabi-based Etisalat bought the 53% stake in the Moroccan operator in May for EUR4.14bn ($5.67bn at 15 May exchange rate). Maroc also runs operations in Gabon, Mauritania, Burkina Faso and Mali.

Etisalat made a net profit of AED2.5bn ($680.3m) in the three months to June 30, up from AED1.98bn in the second quarter of 2013. While not providing a breakdown of the results, Etisalat appears to have substantially beaten the average projection of AED2.9bn, provided by Reuters-polled analysts.

Etisalat now operates in 19 countries across the Middle East, Africa and Asia.

Follow us to get the most comprehensive IT business news delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

CHANNEL AWARD 2018