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Wed 23 Oct 2019 01:53 PM

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UAE's Etisalat posts 2.1% rise in nine-month profit to $1.8bn

Abu Dhabi-based telecoms operator says subscriber base reached 148 million, representing an annual increase of 5%

UAE's Etisalat posts 2.1% rise in nine-month profit to $1.8bn

Etisalat said its highlights during the first nine months of 2019 included the launch of MENA’s first 5G roaming agreement.

Etisalat Group on Wednesday announced that consolidated net profit for the first nine months of 2019 amounted to AED6.7 billion ($1.82 billion), up 2.1 percent on the same period last year.

Aggregate subscriber base reached 148 million, representing an annual increase of 5 percent while nine-month consolidated revenues reached AED38.8 billion, the UAE-based telco said in a statement.

Etisalat’s consolidated revenue for the third quarter of 2019 amounted to AED13 billion, while consolidated net profit after Federal Royalty amounted to AED2.3 billion resulting in a net profit margin of 18 percent.

Etisalat said its highlights during the first nine months of 2019 included the launch of MENA’s first 5G roaming agreement, making 5G connectivity available in the world’s tallest tower Burj Khalifa.

Saleh Abdullah Al Abdooli, CEO, Etisalat Group said: “Etisalat’s performance in the third quarter demonstrates our agility in adapting to the rapid changes in the telecom industry; we have channelled our efforts towards leading the digital transformation with the successful roll out of 5G networks while equipping our operations with the next generation of technologies like AI and robotics.

“With continuous collaboration with our partners in the public and private domains, we are well geared to deliver 5G innovative solutions that will alter and reshape our society and industry on a large scale. Our investments in Etisalat’s infrastructure and human capabilities have given us confidence moving forward to achieve our strategic goals to meet the current and future needs of our customers across our operations.”

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