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UAE telecom firm Etisalat Group, now known as e&, saw its net profit jump by 3.2 percent in 2021, driven by higher revenues and a growing subscriber base.
Total net profit for the year reached 9.3 billion dirhams ($2.5 billion), compared to 9 billion dirhams in the previous year.
Revenue for the same period grew 3.2 percent to 53.3 billion dirhams, while earnings per share went up from 1.04 dirhams to 1.07 dirhams, the company said in a statement.
During 2021, Etisalat's UAE subscriber base reached 12.7 million, while aggregate subscriber base touched 159 million, representing a year-over-year increase of 3 percent.
“Across our footprint, we have shown strong financial performance compared with the prior year, despite persistent challenges in the markets in which we operate, including the measures introduced and overall recovery rates for the COVID-19 pandemic,” the company said.
Etisalat unveiled this week a new brand identity. Last year, it increased foreign ownership limit in share capital from 20 percent to 49 percent, as well as ownership stake in Maroc Telecom Group from 48.4 percent to 53 percent.
(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)
