Business

Etisalat Group reports Dh8.7 billion net profit

Etisalat Group reports Dh8.7 billion net profit

Etisalat Group reported on Tuesday that its consolidated net profit for 2019 grew to Dh8.7 billion as the aggregate subscriber base surged six per cent to 149 million.

In a statement, the telecom leader said its consolidated revenues for 12 months reached Dh52.2 billion, while consolidated net profit after Federal Royalty rose one per cent compared to the same period in 2018. Consolidated EBITDA amounted to Dh26.4 billion, representing an increase of two per cent resulting in EBITDA margin of 51 per cent, the telecom giant said.

The group proposed a dividend payout of 40 fils per share for the second half of 2019, representing a total dividend payout of 80 fils for the full year and a dividend payout ratio of 80 per cent.

"As we begin our journey into the next decade, 2019 was a testimony to Etisalat Group leadership locally, regionally and internationally. Etisalat continued reinforcing its core business, explore new growth opportunities, while transitioning to the digital era and being well geared for the future," said Obaid Humaid Al Tayer, chairman, Etisalat Group.

He said Etisalat Group has led the digital transformation by proactively responding to technological advancements and bringing the latest global innovations to nurture creativity. "It has become clear that the paradigm shift in the telecom industry is now in full force. Digital transformation is becoming present in more areas of life, and we have striven to be at the forefront leading it," said Al Tayer.

"Etisalat's performance in the past year is a reflection of the company's capabilities and agility to transform and lead in the digital space driven by our robust vision and strategy. 5G today will give an opportunity to spur innovation across many industries while enabling emergent technologies to become an integral part of UAE economy and lifestyle.

"This was only possible due to a decade of continuous support and vision of the UAE leadership, the loyalty of our customers and the trust of our shareholders. A special thanks to Etisalat management team for their commitment and dedicated work towards the realisation of Etisalat's vision and strategic goals," said Al Tayer.

Engineer Saleh Abdullah Al Abdooli, Group Chief Executive Officer, Etisalat, said the group's successful journey in 2019 was driven by realising its goals of digital innovation and transformation in a rapidly evolving industry across the societies and markets we serve.

"Investing for growth, sustaining a superior infrastructure, possessing differentiated assets, platforms and capabilities were integral to building a network for a better future across our markets. Etisalat today is recognised as the most valuable consumer and telecom brand in the MEA region for the third and fourth consecutive year respectively, an illustration of our long-standing efforts and testament to building a successful telecom brand in the region," said Al Abdooli.

 He said 5G is a game changer with Etisalat taking the lead in the launch of the network which will amplify the use of futuristic services, target new opportunities and implement 5G use cases across verticals. "This has also set the roadmap for services based on emerging technologies such as IoT, cloud, big data, AI, robotics, autonomous, AR/VR, becoming a trusted partner that supports transformation in a digitally disrupted and fully connected world. Our continuous investments in the network also led Etisalat to be recognised as Mena's fastest mobile network and GCC, Africa, Arabian region's fastest fixed broadband network. "

Al Abdooli said the group would deliver the ambitions and aspirations of customers and continue to support the communities it serves and add value to the markets where it operates. "We are thankful for the wise leadership of the UAE and our shareholders for their steady support in this journey, our customers for their continued confidence and trust."

In the UAE, Etisalat's subscriber base reached to 12.6 million subscribers, while Etisalat Group aggregate subscribers reached 149 million subscribers.

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