UAE telco Etisalat posts $570m net profit in Q1

Abu Dhabi-based telecoms operator says first quarter revenues rise 5%
By Staff writer
Tue 24 Apr 2018 03:31 PM

Etisalat Group said on Tuesday that first quarter net profit totalled AED2.1 billion ($570 million) after paying the federal royalty.

The Abu Dhabi-based telecoms operator said revenues rose 5 percent to AED13.1 billion while its subscriber base reach 144 million, up 3 percent on the year-earlier period.

In the UAE, its home market, the subscriber base grew to 12.9 million subscribers in Q1 while revenue rose to AED7.8 billion, it said in a statement.

Saleh Al Abdooli, Etisalat Group CEO said: “Etisalat’s first quarter results are a continuation of previous quarters’ solid performance, and a promising start for the current year, alluding positive prospects for both customers and shareholders.

“As we continue to encounter evolving industry dynamics, innovation and successful partnerships remain relevant and integral in sustaining our leading market position and assuring our profitability. Engaging the customers and allowing them to experience and probe our solutions potential has proven to be rewarding as we expand our products and services portfolio and introduce more value adding choices.”

He added: “Adoption of cutting edge technologies is a strategic imperative that will always be a cornerstone in etisalat agenda, and while we operate in multiple markets with varying levels of technological maturity, our home market remains a driving force; as we witness the government adopting futuristic technologies, like AI and Blockchain, and leading the digital transformation of the society as a whole.”

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.