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Wed 25 Oct 2017 05:01 PM

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UAE's Etisalat posts $650m net profit in Q3

Telecoms operator says subscribers total 140m, with 12.5m in the UAE

UAE's Etisalat posts $650m net profit in Q3

Abu Dhabi-based telecoms operator Etisalat said on Wednesday that net profit totalled AED2.4 billion ($650 million) for the third quarter of 2017 after paying the federal royalty.

The telco said net profit increased year-on-year by 29 percent while revenues totalled AED12.9 billion.

In its home market of the UAE, revenues amounted to AED7.6 billion, up 3 percent, while net profit increased by 4 percent to AED2 billion.

The company's aggregate subscriber base reached 140 million, with 12.5 million in the UAE.

Etisalat, which  recently successfully completed the fastest 5G live trial globally reaching 71Gbps, delivered "solid performance" in the third quarter, despite the prevailing global economic challenges and the vastly transforming industry, said CEO Saleh Al Abdooli.

"Etisalat continues to deliver. We are on the verge of entering a new era, which transcends any technological disruption we ever witnessed, and will be altering and reshaping our society and industry on a large scale," he added.

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