UAE's Etisalat reports $1.27bln net profits in H1 2021

In the UAE, the subscriber base reached 12.1mln subscribers in H1 of 2020

  
Image used for illustrative purpose. Customers wait inside an Etisalat store at a shopping mall in Dubai.

Image used for illustrative purpose. Customers wait inside an Etisalat store at a shopping mall in Dubai.

REUTERS/Jumana El Heloueh

ABU DHABI - Etisalat Group consolidated revenues amounted to AED26.4 billion representing year-over-year (YoY) increase of 3.2 percent while consolidated net profit after Federal Royalty amounted to AED 4.7 billion representing a YoY increase of 3.9 percent and resulting in a net profit margin of 18 percent.

The company today announced its consolidated financial results for H1 ending 30th June 2021.

Jassem Mohamed Alzaabi, Chairman of Etisalat Group, said, "Etisalat continued to demonstrate strong performance showcasing growth across its operations for the first half of the year, thanks to our continuous efforts and focus on our vision of driving the digital future with a strong commitment towards the societies we serve and adding value to our shareholders.

"We are confident that Etisalat Group will maintain its leadership position in the telecom industry while remaining focused on our core business and exploring new growth opportunities ensuring that we are well geared for the future with all our digital capabilities and solutions." "I would like to thank UAE’s wise leadership for their continuous support to the telecom sector and the Etisalat Group’s management team in making the digital vision a reality by staying focused on the company’s long-term strategy to drive stakeholder value. Thanks to both our shareholders and loyal customers for inspiring us to set new global benchmarks and reach new business heights," he added.

In the UAE, the subscriber base reached 12.1 million subscribers in H1 of 2020, while the aggregate subscriber base reached 156.1 million, representing a YoY increase of 7 percent.

Consolidated EBITDA reached AED13.4 billion resulting in an EBITDA margin of 51 percent.

For his part, Hatem Dowidar, CEO, Etisalat Group, said, "Etisalat Group’s strong results in the first half of 2021 is an outcome of our sincere efforts to drive growth and generate efficiencies, with an unwavering commitment to key strategic priorities to enable a digital future and drive digital innovation across our operations. Despite the challenges in our key markets, our businesses delivered growth in revenue, net profit and operating free cashflow.

"We are proud that Etisalat Group was a key contributor to positioning the UAE as the fastest mobile network in the world and among the top fixed broadband networks globally, meeting the ICT aspirations of the country’s leadership. With our success in deploying 5G as well as taking the global lead in fibre penetration, we ensured that our networks are future-ready for the next generation of mobile networks and technologies."

© Copyright Emirates News Agency (WAM) 2021.


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