UAE's leading telecom services operator Etisalat Group has reported a consolidated net profit of Dh8.6 billion ($2.34 billion), up 2.4 per cent over the same period last year.
Announcing its consolidated financial statements for the 12 months ending December 31, 2018, Etisalat said the consolidated revenues surged 1 per cent to Dh52.4 billion over the same period last year.
Etisalat Group’s consolidated revenue for Q4 of 2018 surged to Dh13 billion. While consolidated net profit after Federal Royalty in Q4 amounted to Dh2 billion representing an increase of 2.4 per cent in comparison to the same period last year resulting in a net profit margin of 16 per cent.
Its earnings per share (EPS) amounted to Dh0.23 in the fourth quarter and Dh0.99 for the full year of 2018, an thus registering an increase of 2.4 per cent over the same period last year.
Etislalt said it had witnessed a big growth in its subscriber base in the UAE which has hit 12.6 million, while Etisalat Group aggregate subscribers reached 141 million subscribers representing a year on year increase of 1 per cent.
On the solid results, Chairman Eissa Mohamed Al Suwaidi said: "Our journey in 2018, marks another successful year for Etisalat in realising its vision towards leading the digital future to empower socialites. Etisalat’s solid financial performance is a reflection of our focus on sustaining our core business while enhancing and accelerating our digital portfolio."
"There was an increased effort on diversifying into new growth opportunities transforming Etisalat into an agile, digital and more efficient company," he stated.
"Today, we look at the future with optimism as we are determined to progress on solid grounds and continue innovation while focusing on driving the digital transformation to take advantage of future opportunities enabling us to add greater value to our customers and shareholders. Our continued efforts will provide consumers a wide portfolio of innovative products and services, integrated solutions, and digital platforms," he added.
Group CEO Engineer Saleh Abdullah Al Abdooli said: "We had a landmark year in 2018 as we embarked on a successful journey into the digital future seizing opportunities and overcoming challenges in a fast evolving industry. Etisalat is moving forward with confidence setting new goals to drive digital transformation across the company, its customers and stakeholders."
"Etisalat’s performance in 2018 is a testimonial of the Group resilience and ability to mitigate the pressures arising from the dynamic challenges facing the industry. Etisalat’s strategy ‘Driving the digital future to empower societies’ helped deliver a digital experience and enable innovation across our customers and businesses," he noted.
“With continuous efforts towards delivering the 5G promise, Etisalat’s pioneering efforts will allow our customers to enjoy and unleash highly connective technologies blending physical and digital realms from AR and VR to IoT, AI, autonomous vehicles, advanced robotics, 3D printing, wearable tech and more. Innovation remains at the core of our strategy with a focus on empowering digital transformation by enhancing and building one of the most advanced networks in the region," said Al Adooli.
"In 2018 we pursued an ambitious agenda in the digital space to maintain our leadership position across our operations. Our focus remains on providing governments, businesses and individuals with innovative, simple, and relevant solutions that harness the power of technology and maximizes their potential," he added.-TradeArabia News Service
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