Abu Dhabi – Mubasher: Emirates Integrated Telecommunications Group “Etisalat” on Tuesday reported a slight rise in its full year profits, but noted a decline in its results for the fourth quarter of 2016.
The telecom operator posted AED 8.42 billion ($2.29 billion) as net profit attributable to shareholders in 2016, up 1.9% from AED 8.26 billion ($2.25 billion) in 2015, according to a statement to the Abu Dhabi Securities Exchange (ADX).
Meanwhile, profits fell 14.9% in Q4-16 to AED 2.22 billion ($604.31 million) from AED 2.61 million ($710.48 million) recorded in the same period a year earlier.
The group’s consolidated revenues increased by 2% to AED 52.36 billion in 2016, compared to AED 51.33 billion in the previous year. This was due to stronger performance from domestic operations as well as those from Maroc Telecom.
In the UAE, Etisalat’s revenues grew 5.5% on the back of higher revenue from data services, an wider customer base of broadband usage and increased offering of business solutions, digital and ICT services, the company stated.
Etisalat’s stock ended Tuesday’s session on the ADX down 0.56% to AED 17.9.
