By Gavin Gibbon
Subscribers to UAE telecoms giant increased by six percent to reach 12.6 million
UAE telecommunications giant Etisalat has announced an AED8.7bn ($2.4bn) profit for 2019.
The one percent increase on the previous year has been attributed to exploring new growth opportunities and the company’s transition to digitalisation.
Obaid Humaid Al Tayer, chairman, Etisalat Group, said: “It has become clear that the paradigm shift in the telecom industry is now in full force. Digital transformation is becoming present in more areas of life, and we have striven to be at the forefront of delivering it.”
Consolidated revenues for the year reached AED52.2bn ($14.2bn; consolidated EBITDA amounted to AED26.4bn ($7.2bn), representing an increase of two percent year-on-year and resulting in an EBITDA margin of 51 percent.
In the UAE, the subscriber base hit 12.6 million, while Etisalat Group aggregate subscribers totalled 149m, a six percent increase on 2018.
Saleh Abdullah Al Abdooli, group chief executive officer, Etisalat, said the investment in infrastructure will continue to cement the company’s position at the forefront of the industry.
“5G is a game changer with Etisalat taking the lead in the launch of the network which will amplify the use of futuristic services, target new opportunities and implement 5G use cases across verticals,” he said.
“This has also set the roadmap for services based on emerging technologies such as IoT, cloud, big data, AI, robotics, autonomous, AR/VR, becoming a trusted partner that supports transformation in a digitally disrupted and fully connected world.”
In 2019, the Etisalat network was ranked as the fastest mobile network in the MENA region, and fastest fixed broadband network in the GCC, Africa and Arabian region.
Etisalat has proposed a dividend payout of 40 fils per share for the second half of 2019, representing a total dividend payout of 80 fils for the full year and a dividend payout ratio of 80 percent.tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.