Etisalat Group's net profits for Q3 soar 29% YoY
Etisalat UAE revenues amounted to AED 7.6bn ($2.07bn) representing 3% increase YoY
Etisalat Group has reported a 29% increase in its net profit (after Federal Royalty) for Q3, 2017. Consolidated net profit stood at AED 2.4bn ($650m) resulting in a net profit margin of 19%. Group consolidated revenues amounted to AED 12.9bn ($3.5bn).
Etisalat UAE revenues amounted to AED 7.6bn ($2.07bn) representing 3% increase YoY. Its net profits for Q3 increased 4% YoY to stand at AED 2.0bn ($540m). EBITDA totalled AED 4.1bn ($1.1bn) representing 1% increase YoY and resulting in EBITDA margin of 54%.
Aggregate subscriber base reached 140 million. The UAE subscriber base increased 2% YoY to reach 12.5 million.
Saleh Al Abdooli, Etisalat Group CEO, said: "We are on the verge of entering a new era, which transcends any technological disruption we ever witnessed, and will be altering and reshaping our society and industry on a large scale. We always strive to remain one-step ahead and to harness the power of technology for the greater value of our customers and communities.
"Our digital agenda has enabled us to enhance our internal operations and widened the spectrum of our offerings. We are adamant when it comes to our innovation leadership and utilising it in delivering smarter solutions and adding value to our customers and shareholders."
Among the group's highlights for the Q3 was Etisalat signing a strategic partnership as part of Dubai Future Accelerators program to bring future medical care solutions to the region. Etisalat also launched the first IPX Exchange platform in MEA. In yet another interesting turn of events, Etisalat launched a new brand targeting the youth in UAE- swyp.