Etisalat reports Q1 profits rise

Revenues near US$600 million.
ETISALAT, Business, Profits, Tech, Revenue, Finance, Money, UAE, United Arab Emirates, 5G


Sophia the robot at Etisalat's stand at GITEX 2018 in Dubai.

Etisalat’s net profit rose 5% to AED 2.2 billion ($598.9 million) in the first quarter of 2019 as the company’s subscriber base grew and it continued a number of digital initiatives, the company announced on Tuesday.

In a statement, the company noted that consolidated revenues for the quarter were AED 13 billion ($3.54 billion), while earnings before interest, tax, depreciation and amortisation (EBITDA) totalled AED 6.6 billion ($1.8 billion).

Over the course of the quarter, the company’s subscriber base 12.6 million, while its aggregate subscriber base reached 143 million, representing a year-on-year increase of 2%.

Saleh Abdulalh Al Abdooli, Etisalat Group CEO, credited the company’s growth to the success of its various digital initiatives.

“Etisalat’s solid performance of the first quarter is a promising start for 2019…and a testimony to the efforts in realising our vision and ambitious towards ‘driving the digital future to empower societies’.

“Etisalat infrastructure continues to play a key role in our goal to bring-in full scale digital transformation. The consistent efforts in our network has helped position the UAE as a global leader in FTTH [Fiber to the Home] penetration among all its international counterparts for a third year in a row,” he added.

Other digital initiatives undertaken by the company include agreements to develop AI and blockchain solutions, a ‘Robotic Centre of Excellence’ and a collaboration with the Abu Dhabi Smart Solutions and Services Authority to digitise its government services platform.

In February, Etisalat Group announced a 2.4% rise in annual net profit to AED 8.6 billion ($2.3 billion).

Webinar #2 | Register to attend - Intergenerational signalling consolidation for the 5G era

Join CommsMEA, Deutsche Telekom and NetNumber as they explore opportunities for intergenerational signalling consolidation for the 5G era. The webinar is free but can only be accessed by registering below in advance.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story