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Tue 23 Apr 2019 11:43 AM

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Etisalat reports Q1 profits rise with growing subscriber base

Saleh Abdulalh Al Abdooli, Etisalat Group CEO credited the company's growth to the success of its various digital initiatives

Etisalat reports Q1 profits rise with growing subscriber base
Etisalat’s net profit rose 5 percent to $598.9 million in the first quarter of 2019.

Etisalat’s net profit rose 5 percent to AED 2.2 billion ($598.9 million) in the first quarter of 2019 as the company’s subscriber base grew and it continued a number of digital initiatives, the company announced on Tuesday.

In a statement, the company noted that consolidated revenues for the quarter were AED 13 billion ($3.54 billion), while earnings before interest, tax, depreciation and amortisation (EBITDA) totalled AED 6.6 billion ($1.8 billion).

Over the course of the quarter, the company’s subscriber base 12.6 million, while its aggregate subscriber base reached 143 million, representing a year-on-year increase of 2 percent.

Saleh Abdulalh Al Abdooli, Etisalat Group CEO, credited the company’s growth to the success of its various digital initiatives.

“Etisalat’s solid performance of the first quarter is a promising start for 2019…and a testimony to the efforts in realising our vision and ambitious towards ‘driving the digital future to empower societies’.

“Etisalat infrastructure continues to play a key role in our goal to bring-in full scale digital transformation. The consistent efforts in our network has helped position the UAE as a global leader in FTTH [Fiber to the Home] penetration among all its international counterparts for a third year in a row,” he added. 

Other digital initiatives undertaken by the company include agreements to develop AI and blockchain solutions, a ‘Robotic Centre of Excellence’ and a collaboration with the Abu Dhabi Smart Solutions and Services Authority to digitise its government services platform.

In February, Etisalat Group announced a 2.4 percent rise in annual net profit to AED 8.6 billion ($2.3 billion).

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