Etisalat Group today announced its consolidated financial statements for H1 ending 30th June 2017.
| Financial Highlights and Key Developments of H1 |
- Etisalat UAE Revenues amounted to AED 15.4 billion representing 3% increase year over year.
- Etisalat UAE Net profit amounted to AED 4.2 billion representing 7% increase year over year.
- Etisalat UAE Subscriber base reached 12.4 million representing Year over Year increase of 2%
- Distribution of interim dividend for the first half of the fiscal year 2017 of 40 fils per share.
- Group consolidated revenues amounted to AED 25.3 billion.
- Group Consolidated operating profit before Federal Royalty amounted to AED 8.8 billion.
- Group Aggregate subscriber base reached 139 million.
- Credit Ratings Agencies Standards & Poor’s and Moody’s affirmed Etisalat Group’s high credit rating at AA-/Aa3
- Etisalat enhances International Connectivity to UAE with AAE-1 Submarine Cable System
- Etisalat’s Smart Hub has Won the DCD Award in “Excellence in Regional & Global Datacenter Connectivity” (DCD – Data Centers Dynamic)
- Etisalat UAE has launched its revamped loyalty program, focusing on digital channels and bringing larger value to customers
- Etisalat introduces ‘Create Your Number’ service for all post-paid subscribers first time in the UAE
- Etisalat ‘first telco in UAE’ to achieve ISO 20000 certification
- Etisalat named most valuable Telecoms Brand Portfolio in the Middle East by ‘Brand Finance’
- Etisalat Receives Tier III Gold Certification for Operational Sustainability
- Etisalat Group exits the Nigerian market.
- UAE ranked as global leader in Fiber Optic Network by FTTH Council
“Etisalat Group showcased agility in the first half of this year adapting to the changes in the telecom industry, while the period revealed promising opportunities for growth in telecom and digital services we also proved our strong position by dynamically managing challenges in some international markets,” said Essa Mohamed Al Suwaidi, Chairman of Etisalat Group. “The financial performance laid a solid foundation for innovation allowing us to continue investing in the development of next generation infrastructure while maintaining our focus on digital transformation, which in turn has a significant impact on enhancing the overall customer experience. Etisalat Group would like to thank the leadership of United Arab Emirates for its continued support and also Etisalat management team for their efforts in remaining focused on accelerating our long-term strategy to drive shareholder value and our loyal customers for inspiring us to set new benchmarks and to reach new business heights.”
Eng. Saleh Al Abdooli, the CEO of Etisalat Group, explained, “Etisalat Group’s financial performance in the first half of 2017 reaffirms our strong position and demonstrates our flexible strategy in adapting to the developments and changes in the telecom sector. Etisalat Group has established a competitive position in the region as a fully integrated ICT solutions and services provider. Today we are proud that Etisalat is a key strategic player in major digital transformation projects in the UAE and beyond. Our recent announcement of the longest submarine cable system is another step to enhance our long-term growth and bring new capacity to UAE making it an international hub.”
Al Abdooli also added, “Etisalat group’s geographic footprint expands across the Middle East, Africa and Asia witnessing various opportunities and challenges in each market that are governed by specific economic conditions. Some of these markets witnessed macroeconomic challenges that imposed limitations on investments and future growth. Etisalat responded with confidence overcoming these challenges while maintaining a sustainable business portfolio.”
Al Abdooli further continued, “Today Etisalat Group has established a solid foundation driven by its ability to adapt its operations to maintain business sustainability. Our focus will be to continue investing in futuristic solutions and next generation technologies to deliver the best-in-class services and solutions to our customers while ensuring that shareholders gain long-term value from businesses.”
Etisalat UAE Subscriber base reached 12.4 million representing Year over Year increase of 2 percent. Etisalat UAE’s Revenues amounted to AED 7.8 billion representing 3 percent increase comparing to Q1 2017. Etisalat UAE’s net profit amounted to AED 2.2 billion representing 6 percent increase year over year and 7 percent increase comparing to Q1 2017. Etisalat UAE’s EBITDA for Q2 totalled AED 4.3 billion representing 4 percent increase quarter over quarter and resulting in EBITDA margin of 55 percent.
