Abu Dhabi – Mubasher: Emirates Telecommunications Group “Etisalat” on Thursday reported a rise in net profits and revenues for the first nine months of 2018.
The telecom operator achieved AED 6.6 billion ($1.8 billion) in net profits after Federal Royalty between January and September 2018, up 2% year-on-year.
Meanwhile, consolidated revenues increased 3% to AED 39.4 billion during the nine-month period of 2018 from a year ago, Etisalat said in a statement to the Abu Dhabi Securities Exchange (ADX).
The Abu Dhabi-listed operator’s aggregate subscriber base grew 3% year-on-year to 144 million, it said, noting that subscribers in its home country reached 12.5 million by the end of September.
As for the third quarter of 2018, Etisalat logged AED 2.3 billion in net profit after Federal Royalty, resulting in a profit margin of 17%, the company revealed.
Meanwhile, consolidated revenues grew 2% year-on-year to AED 13.2 billion in Q3-18, while consolidated capital spending rose 3% to AED 1.6 billion, representing 12% of consolidated revenues.
During the first nine months of 2018, Etisalat witnessed numerous special events such as being granted the approval of the Securities and Commodities Authority (SCA) to commence a share buyback programme and its board recommending the lifting of restrictions on foreign shareholders’ voting rights.
Commenting on the operator’s results, Etisalat Group CEO Saleh Abdullah Al Abdooli said that his company has continued to deliver “a solid performance”, citing continuous efforts in the digitalisation of services and solutions.
“Etisalat is thankful to the vision of the wise leadership of UAE in positioning the country among the most digitally advanced globally, inspiring us to deliver world-class networks and innovative services. We also extend appreciation to our shareholders and loyal customers, to whom we owe more success and greater achievements,” he added.
Between January and September, Etisalat’s subsidiary in Egypt, Etisalat Misr signed its first memorandum of understanding (MoU) for virtual fixed voice services with Telecom Egypt. The Egyptian unit also launched Egypt's First Voice Over LTE (VoLTE) service.
“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,” Al Abdooli concluded.
