Etisalat sees Q3 profits up 22%

International business now accounts for 48% of Etisalat’s revenue
Etisalat expects its business outside of the UAE to account for 50% of its revenue in future, says Julfar.
Etisalat expects its business outside of the UAE to account for 50% of its revenue in future, says Julfar.

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Etisalat reported a 22% rise in third-quarter net profit on Wednesday, missing analyst estimates despite rising domestic income, lower taxes and the firm's takeover of Maroc Telecom bolstering its bottom line.

The operator reported a net profit of AED2.22 billion ($598.97 million) in the three months to 30th September, compared to a profit of AED1.83 billion in the same period last year.

Analysts polled by Reuters on average forecast Etisalat, the Gulf's No.2 telecom operator by market value, would make a quarterly profit of AED2.65 billion.

Quarterly revenue was AED13.2 billion, up from AED9.59 billion a year earlier.

Domestic third-quarter revenue rose 10% to AED6.8 billion, while 48% of group revenue came from its international units, up from 35% in the year-ago period.

This follows Etisalat's purchase of a 53% percent stake in Maroc Telecom for 4.14 billion euros in May. Former monopoly Maroc Telecom also has operations in Gabon, Mauritania, Burkina Faso and Mali.

Etisalat's international operations will account for at least 50% of group revenue in the future, Etisalat chief executive Ahmad Julfar said in a statement.
 

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