Etisalat H1 net profit rises 3% to reach AED4.6 billion

Dubai / emirates business

Etisalat Group on Tuesday announced its consolidated financial results for the first six months of 2020 ending June 30.
The subscriber base of Etisalat Group during the period reached 146 million.
The consolidated revenues of the group amounted to AED25.6 billion and consolidated net profit after Federal Royalty amounted to AED4.6 billion representing a year over year
increase of 3% and resulting in a net profit margin of 18%.
Consolidated Ebitda of the group totalled AED 13.2 billion resulting in Ebitda margin of 52%. The report said that Etisalat was named ‘The Most Valuable Consumer Brand’ and ‘The Most Valuable Telecom Brand’ in MEA region.
Credit Rating Agencies Standards & Poor’s and Moody’s
affirmed Etisalat Group’s high credit rating at AA-/Aa3 with stable outlook.
In the UAE the subscriber base of Etisalat reached 11.8 million in the first six months of 2020, while aggregate subscriber base reached 146 million, representing a year over year increase of 2%.
Commenting on the results, HE Obaid Humaid Al Tayer, Chairman of Etisalat Group said, “Etisalat Group has delivered a good performance in the first half of 2020 considering the circumstances; the world is voyaging through unchartered waters and Covid-19 has affected all industries including the telecom sector. Etisalat managed to adapt,
respond and demonstrate resilience as we ensured the delivery of uninterrupted services to our customers and had the privilege of supporting our society through various initiatives.”
“We are witnessing an opportunity to fast track digital transformation. The unconventional conditions have spurred the adoption of digital services, bridging a divide by changing customers’ behaviour towards digital channels. Etisalat’s
innovative solutions have catered for the social distancing era, it has enabled remote working and education, it minimised human interactions and increased the pace of automation. Our infrastructure has accommodated the surge in requirements and is ready for more acceleration in digital adoption,” Al Tayer said.
“I would like to thank the UAE leadership for positioning the country as one of the most competitive nations globally. Despite the headwinds posed by today’s extraordinary times we continue to pursue our digital goals to meet the distinctive needs of all customers. I would also like to extend appreciation to our shareholders and loyal customers for their sustained confidence during this period.”