Etisalat’s Q1 profits rise 5% up to AED2.2b
Aggregate subscriber base reached 143 million, representing a year over year increase of 2%.
Etisalat has seen a five per cent rise in their profits for the first quarter of 2019 as UAE's biggest telecom operator's subscriber base grew, the company announced on Tuesday.
Over the first quarter, Etisalat consolidated revenues amounted to AED 13.0 billion and consolidated net profit after Federal Royalty amounted to AED 2.2 billion representing a year over year increase of 5% and resulting in a net profit margin of 17%.
In the UAE the subscriber base reached 12.6 million subscribers in Q1 of 2019, while its aggregate subscriber base reached 143 million, representing a year over year increase of 2%
Eng. 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 focusing on its other digital initiatives focusing on the blockchain and artificial intelligence. Etisalat's innovation programme ‘Future Now' signed agreements with four scale-ups to develop Artificial Intelligence and Blockchain solutions. They have also collaborated with ‘Abu Dhabi Smart Solutions and Services Authority' to digitise government services through its platform ‘TAMM'.