Etisalat posts $2.3bn net profit for 2018, up 2.4%

Etisalat posts $2.3bn net profit for 2018, up 2.4%
Etisalat has posted $2.3bn net profit for 2018, up 2.4%.
Published: 20 February 2019 - 8:24 a.m.
By: Mark Sutton

UAE-based Etisalat Group announced on Tuesday a 2.4% rise in annual net profit of AED8.6 billion ($2.3 billion) after Federal Royalty.

Twelve-month consolidated revenues reached AED52.4 billion, an increase of 1% compared to same period last year, the telecoms giant said in a statement.

Etisalat Group's revenue for Q4 amounted to AED13 billion while net profit after Federal Royalty amounted to AED2 billion, it added.

Aggregate subscriber base reached 141 million in 2018, representing an increase of 1% on the year-earlier period. In the UAE, subscribers totalled 12.6 million.

Etisalat 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.

"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."

Saleh Abdullah Al Abdooli, Group CEO, Etisalat, added: "Etisalat is moving forward with confidence setting new goals to drive digital transformation across the company, its customers and stakeholders.

"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."

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