UAE's Etisalat posts $1.1bn net profit for first half of 2018

Abu Dhabi-based telco says subscriber bases reaches 144 million while revenues grow by 4%
UAE's Etisalat posts $1.1bn net profit for first half of 2018
By Sam Bridge
Tue 24 Jul 2018 03:51 PM

Abu-Dhabi-based Etisalat Group on Tuesday posted net profit for the first half of 2018 of AED4.3 billion ($1.17 billion), up 6 percent year-on-year.

The telecoms operator said its subscriber base reached 144 million representing an year on year increase of 4 percent while revenues also rose 4 percent to AED26.2 billion.

Essa Mohamed Al Suwaidi, chairman of Etisalat Group, said: “Etisalat Group’s financial performance of the first half of this year showcased its ability to innovate and lead in the telecom and digital services arena.

"We will continue to be technology leaders and our recent 5G commercial launch is another testament of our efforts, allowing us to tap into promising opportunities that will enable greater benefits for all segments of customers.”

Saleh Al Abdooli, CEO, Etisalat Group, added: “Etisalat Group’s financial results in the first half of 2018 is an outcome of our sincere efforts to drive growth and generate efficiencies, with an unwavering commitment to key strategic priorities that will enable a digital future, transform the ecosystem, and drive digital innovation across our operations.”

During the first half of 2018, Etisalat was the first telecom operator to successfully launch a 5G Ultra-Mobile broadband experience in the region.

“Moving forward, we will continue to pilot and explore new technologies while probing prospective use cases that will maximize value and bring tangible benefit to customers and shareholder.”

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