Etisalat reports Q1 profits rise

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

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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).

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