Etisalat profit hits $2.2bn

Abu Dhabi / WAM

Etisalat Group announced on Tuesday its consolidated financial statements for the 12 months ending December 31, 2017.
Etisalat UAE revenues amounted to AED31.2 billion and increased year over year by 3%, while net profit after federal royalty reached to AED8.2 billion and increased year over year by 5%.
It proposed dividend payout of 40 fils per share for the second half of 2017, representing a total dividend payout of 80 fils for the full year and a dividend payout ratio of 82%.
Credit Ratings by agencies S&P Global and Moodys affirmed Etisalat Group’s high credit rating at AA-/Aa3. As part of its strategic partnership with Dubai Future Accelerators, the company has launched two challenges in the areas of health and digital security risks.
It launched ‘Open Innovation Center’ to showcase smart solutions to governments and businesses hence, driving the digital transformation. Etisalat also announced the successful deployment of pre-commercial 5G network in certain locations in UAE and successfully completed the fastest 5G live trial reaching 71Gbps.
Etisalat Chairman Eissa Mohamed Al-Suwaidi, said, “2017 proved to be yet another year of good achievement for Etisalat as we affirm our position as the leading operator in the markets where we operate.
“Maintaining good performance, despite the global challenges facing the telecom industry, is an evidence that we continue to provide value to our customers and shareholders. We remain in a strong position to realise the opportunities that will come with the digital transformation the group is undergoing.”
“Thanks to our experience and our strategic focus on innovation, Etisalat Group is well placed to harness growth opportunities as we continue to move forward.”
“I want to praise the wise leadership of the United Arab Emirates for supporting the telecommunications sector. Etisalat is fully aligned with the government’s drive to position the UAE among the most advanced countries in the world,” Al-Suwaidi added.
Engineer Saleh Abdullah Al Abdooli, Group Chief Executive Officer, Etisalat, said: “In 2017, Etisalat Group continued to deliver on its promise of strong performance despite the increasing global economic challenges and the mounting pressure facing the telecom industry.
“We have showcased good results underpinned by our continued commitment and investments toward next-generation services and solutions adding remarkable value to the communities we serve and enhance overall customer experience.
Etisalat UAE subscriber base reached 12.6 million, representing a year on year growth of 3%. Full year EBITDA in 2017 increased by 2% to AED16.7 billion resulting in EBITDA margin of 53%.
Etisalat was selected as the digital transformation partner for Dubai International Financial Center (DIFC)’s FinTech accelerator program. It launched M2M in-vehicle WiFi enabling connected fleets businesses as part of its next generation IoT solutions. Etisalat was named ‘Most Valuable Brand’ in the Middle East & Africa 2017, with a brand value that stands at $7.7 billion.
“With the unwavering support of the UAE leadership and our shareholders, along with the commitment of our world-class management team and the loyalty of our millions of customers across our footprint, I am confident that 2018 will continue the pattern of long-term, sustainable success that is the hallmark of Etisalat Group,” the chairman added.