Etisalat posts $1.25bn profit for H1 2020, as group subscriptions reach 146 million

Published: 26 July 2020 - midnight

UAE headquartered international telco Etisalat Group has announced net profits of AED 4.6 billion ($1.25 billion) for the first half of 2020, as it posted a strong set of financials for the period.

Etisalat Group’s board also approved an interim dividend for the second quarter of 2020 of 15 fils ($0.04) per share, bringing the interim dividend for the first half of the year to 40 fils ($0.11) per share.

Etisalat Group now boasts 146 million subscribers across its international footprint, taking in markets from Central Asia, the Middle East and Africa.

“Etisalat Group has delivered a good performance in the first half of 2020 considering the circumstances; the world is voyaging through unchartered waters and COVID-19 has affected all industries including the telecom sector. Etisalat managed to adapt, respond and demonstrate resilience as we ensured the delivery of uninterrupted services to our customers and had the privilege of supporting our society through various initiatives,” said H.E. Obaid Humaid Al Tayer, Chairman of Etisalat Group.

“We are witnessing an opportunity to fast track digital transformation. The unconventional conditions have spurred the adoption of digital services, bridging a divide by changing customers’ behaviour towards digital channels. Etisalat’s innovative solutions have catered for the social distancing era, it has enabled remote working and education, it minimised human interactions and increased the pace of automation. Our infrastructure has accommodated the surge in requirements and is ready for more acceleration in digital adoption.

“I would like to thank the UAE leadership for positioning the country as one of the most competitive nations globally. Despite the headwinds posed by today’s extraordinary times we continue to pursue our digital goals to meet the distinctive needs of all customers. I would also like to extend appreciation to our shareholders and loyal customers for their sustained confidence during this period,” His Excellency added.

Etisalat Group has played a leading role in orchestrating the fight back against the global Covid 19 pandemic in its home market of the UAE and across its international footprint. During the first half of 2020, the company provided free internet access to families to facilitate a range of distance learning initiatives. More than 10 million Etisalat mobile subscribers enjoyed free browsing to over 800 websites related to education, health and safety during the pandemic.

Etisalat Group was also named as ‘The Most Valuable Consumer Brand’ and ‘The Most Valuable Telecom Brand’ in the MEA region, during the first half of 2020.

In the UAE, Etisalat’s subscriber base reached 11.8 million subscribers in H1 of 2020, while the company’s aggregate subscriber base reached 146 million, representing a year over year increase of 2 per cent.

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