Etisalat Group has announced its consolidated financial statement for the nine months ending 30th September 2019.
The results showed that the aggregate subscriber base reached 148 million, representing a Year over Year (YoY) increase of 5%.
The nine month period’s consolidated revenues reached AED 38.8 billion, representing a 2.1% increase compared to its corresponding period last year, EBITDA amounted to AED 20.1 billion which accounted for 2% YoY increase. The telco also signed a binding agreement for the acquisition of Help AG, which is one of the region’s top companies in cybersecurity solutions in the UAE and KSA.
Additionally, throughout the nine month period, Etisalat launched the MENA region’s first 5G roaming agreement, partnered with Microsoft on delivering intelligent cloud solutions to its enterprise customers, made 5G connectivity available in the world’ tallest tower, Burj Khalifa, and Etisalat Academy is now the GCC’s first accredited Service Automation Framework (SAF) Training Center.
Eng. Saleh Abdullah Al Abdooli, CEO, Etisalat Group said, “Etisalat’s performance in the third quarter demonstrates our agility in adapting to the rapid changes in the telecom industry; we have channeled our efforts towards leading the digital transformation with the successful roll out of 5G networks while equipping our operations with the next generation of technologies like AI and robotics.Thanks to our strategy of ‘Driving the digital future to empower societies’ paving the way to achieve our digital ambitions. As we move into the 5G era, it has opened a world of opportunities enabling the deployment of innovative solutions and services across different sectors which will accelerate digital growth, drive efficiencies, and enrich the overall customer experience.”
He continued, “With continuous collaboration with our partners in the public and private domains, we are well geared to deliver 5G innovative solutions that will alter and reshape our society and industry on a large scale. Our investments in Etisalat’s infrastructure and human capabilities have given us confidence moving forward to achieve our strategic goals to meet the current and future needs of our customers across our operations.Etisalat is thankful to the vision and support of the wise leadership of the UAE in inspiring us to deliver world-class networks and innovative services. We also extend appreciation to our shareholders and loyal customers who are at the heart of everything we do.”
In the UAE, the subscriber base reached to 12.4 million subscribers, while Etisalat Group aggregate subscribers reached 148 million subscribers representing a year on year increase of 5%.
Etisalat Group’s consolidated revenue for the third quarter of 2019 amounted to AED 13.0 billion, while Consolidated net profit after Federal Royalty amounted to AED 2.3 billion resulting in a net profit margin of 18%.
Consolidated EBITDA totaled AED 6.8 billion, representing an increase of 3% year over year and resulting in EBITDA margin of 52%.