Etisalat Group‘s sees net profit grow to AED 8.7 billion
Etisalat's aggregate subscriber base reached 149 million, representing a year over year increase of 6%.
UAE's telecom leader reported strong profitability as it saw its credit ratings by S & P Global and Moodys at AA-/Aa3
Etisalat stated that its consolidated revenues reached to AED 52.2 billion in the past year, while consolidated net profit after Federal Royalty amounted to AED 8.7 billion an increase of 1% compared to same period in 2018. The company has had major milestones and achievements in the past year and looks to continue to set that trend with 2020.
H.E. Obaid Humaid Al Tayer, Chairman, Etisalat Group, said: “As we begin our journey into the next decade, 2019 was a testimony to Etisalat Group leadership locally, regionally and internationally. Etisalat continued reinforcing its core business, explore new growth opportunities, while transitioning to the digital era and being well geared for the future.
“Etisalat’s performance in the past year is a reflection of the company’s capabilities and agility to transform and lead in the digital space driven by our robust vision and strategy. 5G today will give an opportunity to spur innovation across many industries while enabling emergent technologies to become an integral part of UAE economy and lifestyle.
Engineer Saleh Abdullah Al Abdooli, Group Chief Executive Officer, Etisalat, said: “Our successful journey in 2019 was driven by realising our goals of digital innovation and transformation in a rapidly evolving industry across the societies and markets we serve.
“5G is a game changer with Etisalat taking the lead in the launch of the network which will amplify the use of futuristic services, target new opportunities and implement 5G use cases across verticals. This has also set the roadmap for services based on emerging technologies such as IoT, cloud, big data, AI, robotics, autonomous, AR/VR, becoming a trusted partner that supports transformation in a digitally disrupted and fully connected world. Our continuous investments in the network also led Etisalat to be recognised as MENA’s fastest mobile network and GCC, Africa, Arabian region’s fastest fixed broadband network.