Etisalat Group Posts $598m Net Profit for Q1

Etisalat Group Posts $598m Net Profit for Q1

Etisalat has displayed a combined net profit of Dh2.2 billion ($598 million) for the first quarter of the year representing a year over year increase of 5 per cent and resulting in a net profit margin of 17 per cent. Etisalat Group Posts $598m Net Profit for Q1

Consolidated EBITDA totaled Dh6.6billion that shows an increase of 2 per cent year over year and resulting in EBITDA margin of 51 per cent. At the same time consolidated revenues reached to Dh13.0 billion.

The UAE subscriber base reached 12.6million subscribers in Q1 of 2019. Additionally, aggregate subscriber base reached 143 million that shows a year over year increase of 2 per cent.

Etisalat Group Posts $598m Net Profit for Q1

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 realizing our vision and ambitions toward “Driving the digital future to empower societies.

He further added that:

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.”

He said that:

Etisalat will continue its endeavor towards network modernization 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.

Al Abdooli concluded:

Etisalat is also thankful to the vision of our wise leadership in the UAE in positioning the country among the most digitally advanced globally, inspiring us to deliver world-class networks and innovative services. We extend appreciation to our shareholders and loyal customers, to whom we owe more success and greater achievements,”.

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