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Thu 25 Oct 2018 01:59 PM

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UAE's Etisalat says nine-month net profit rises to $1.8bn

UAE telecoms operator Etisalat says its subscriber base has reached 144 million, up 3%

UAE's Etisalat says nine-month net profit rises to $1.8bn
UAE telecoms group Etisalat on Thursday announced that its net profit after federal royalty increased by 2 percent.

UAE telecoms group Etisalat on Thursday announced that its net profit after federal royalty increased by 2 percent to AED6.6 billion ($1.8 billion) for the first nine months of 2018 compared to the same period last year.

Nine month revenues reached AED39.4 billion, an increase of 3 percent while the telco's aggregate subscriber base reached 144 million, also up by 3 percent, a statement said.

It added that in the UAE, the subscriber base reached to 12.5 million subscribers.

Revenue for the third quarter of 2018 amounted to AED13.2 billion with growth of 2 percent in comparison to the same period last year, while net profit totalled AED2.3 billion resulting in a net profit margin of 17 percent.

Saleh Abdullah Al Abdooli, CEO, Etisalat Group said: “Etisalat Group continues to deliver a solid performance in the third quarter thanks to our continued focus and effort in the digitalisation of services and solutions.

"As we move into the 5G era, our network and talented teams are well equipped to lead the ever-changing requirements of our consumers and the telecom industry."

He added: “In keeping the momentum of our success and focusing on adding value to our customers and shareholders, we remain committed to bring innovative solutions and provide value propositions for the digital age. Our efforts have helped build a dynamic ecosystem that will drive future growth and pave the way for our digital ambitions and implementation of futuristic technologies.

“Etisalat is confidently moving forward and progressing positively in enabling societies across its operations. We will continue to focus on creating innovative services, capitalizing on opportunities for new revenue streams and enhancing overall customer experience while delivering long-term value for all our stakeholders.”

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