Etisalat approves 25 fils dividend for shareholders, following a resilient Q1
Consolidated revenues and profits grew at Etisalat during the first quarter of 2020
Etisalat’s board of directors has approved an interim dividend of 25 fils per share, as the company posted a buoyant set of financial figures in challenging market conditions.
Etisalat’s consolidated revenues grew to $3.56 billion (13.1 billion AED), with profits increasing to $600 million (2.2 billion AED).
Etisalat Group increased its subscriber base to 150 million, a 5 per cent year on year increase, as the Group continues to grow its international regional presence.
Etisalat Group’s chairman, H.E. Obaid Humaid Al Tayer, said that the company was well positioned to serve the nation and continue to provide cutting edge connectivity, despite the current Covid 19 pandemic.
“Today as we navigate through these challenging times, Etisalat has showed resilience and remained committed towards the communities it serves, ensuring business continuity and readiness, minimising impact on our operations and uninterrupted services to our customers. Etisalat's performance in the first quarter reflects our agility in dealing with unprecedented market challenges and pressures facing the telecom sector globally,” he said.
“We are also thankful to the vision of our wise leadership in the UAE in positioning the country among the most digitally advanced globally and inspiring us to realise our efforts in ‘Driving the digital future to empower societies’ by delivering world-class networks, infrastructure and innovative services. This has empowered Etisalat to address the current challenges and meet digital requirements facilitating businesses to work remotely and over a million students enjoying distance learning across the UAE. Through our dedicated teams, we were geared to fully support and serve the community showcasing infrastructure preparedness to deliver access to vital telecom services during today’s extraordinary times.
“Moving ahead, we remain optimistic about the future as there are immense opportunities in the midst of the challenges and pressures faced by the telecom sector globally. With digital enablement and innovation making an impact on every sector, the world is moving in full force towards achieving digital transformation. 5G network is more important than ever as it will be a key enabler of remote business, education, entertainment and has the capability of addressing customer current and future needs. Etisalat’s pioneering position in 5G will bring these futuristic solutions to governments, businesses and consumers alike reiterating our efforts in digital innovation and also our leadership as a telecom brand regionally and internationally.
"Etisalat is grateful to the leaders of the UAE for their continuous support and also want to express our gratitude to all our loyal customers and shareholders for their confidence in driving us to accomplish our goals of driving digital innovations for a better future,” he added.
Earlier this year, Etisalat launched initiatives to support the UAE’s “Stay at Home” directive offering free mobile internet for families without home internet to facilitate their access to distance learning services, free applications to support work from home for businesses and government entities.
Etisalat was also named ‘The Most Valuable Consumer Brand’ and ‘The Most Valuable Telecom Brand’ in MEA region, in a recent industry report.