Etisalat sees Maroc-related 26% earnings bump
Analysts’ Q2 estimates bettered as recent acquisition feeds bottom line
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.