Etisalat Group announced its consolidated financial results for H1 ending 30th June 2018. Consolidated revenues for first half of 2018 amounted to AED 26.2 billion representing 4% increase year over year and consolidated net profit reached AED 4.3 billion representing 6% increase year over year.
The Group's subscriber base reached 144 million representing a year on year increase of 4% and over 1 million of which were VoLTE subscribers. Etisalat UAE Subscriber base reached 12.7 million representing Year over Year increase of 3%.
One of the most important milestones that Etisalat reached in the first half of 2018 was the launch of the first commercial 5G network in the MENA region. Etisalat's 5G network will provide state-of-the-art services to Expo 2020's millions of visitors.
"Etisalat Group's financial performance of the first half of this year showcased its ability to innovate and lead in the telecom and digital services arena," said Essa Mohamed Al Suwaidi, Chairman of Etisalat Group. "We will continue to be technology leaders and our recent 5G commercial launch is another testament of our efforts, allowing us to tap into promising opportunities that will enable greater benefits for all segments of customers.
"The financial performance continue to lay a solid foundation for investment, hence, enabling Etisalat to introduce solutions that will reshape the industry and change the business operating dynamics."
Al Suwaidi thanked the wise leadership of United Arab Emirates for their continuous support and the Etisalat management team in making the digital vision a reality by staying focused on the company's long-term strategy to drive stakeholder value. He also extended his thanks to "the Group's supportive shareholders and loyal customers for inspiring us to set new global benchmarks and reach new business heights."
Eng. Saleh Al Abdooli, CEO, Etisalat Group commented, "Etisalat Group's financial results in the first half of 2018 is an outcome of our sincere efforts to drive growth and generate efficiencies, with an unwavering commitment to key strategic priorities that will enable a digital future, transform the ecosystem, and drive digital innovation across our operations."
"We are proud that Etisalat was the first telecom operator to successfully launch the first 5G Ultra-Mobile broadband experience in the region, and through our partnership with Expo 2020 Dubai, the latter became the first 5G major commercial customer in MEASA. Such collaboration is a declaration of a new era of digital connectivity, and an acknowledgment of 5G's rich anticipated potential," he added.