The UAE News report by Abdul Basit: Etisalat Group has declared Dh2.3 billion consolidated net profit for the first quarter of 2021, showing a year-on-year increase of 7.9 per cent. 

The telecom operator announced that its consolidated revenues amounted to AED13.2 billion while consolidated net profit after Federal Royalty amounted to AED2.3 billion representing a year over year increase of 7.9% and resulting in a net profit margin of 18%.

Commenting on the results, Eng. Hatem Dowidar, CEO, Etisalat Group “Etisalat Group’s first quarter results are a continuation of the strong performance the company has achieved over the past year due to the resilience and agility shown across our business operations. The company generated record results in the new hybrid scenario helping consumers adapt to a new work-and-learn-from-anywhere reality while continuing to deliver innovative services subscribers require and demand. 

“Our teams rallied to support our customers with technology playing a central role in keeping our society, economy and lives connected. Digital evolution is the future where telecom operators are the key players to enable the transition and be the exemplary adopters of digital transformation. Stemming from this conviction, Etisalat will continue its efforts to align its business with the digital mandate it has undertaken, by shifting the operating model, investing in future technologies, generating new revenue streams and by acquiring and disseminating digital capabilities across its markets.

Etisalat is also thankful to the vision of our wise leadership in the UAE in positioning the country among the most digitally advanced globally, inspiring us to deliver world-class networks and innovative services. We will continue to focus on capitalising opportunities and enhancing overall customer experience while delivering long-term value for all our shareholders.”

Subscribers

In the UAE the subscriber base reached 12.4 million subscribers in Q1 of 2021, while aggregate subscriber base reached 156 million, representing a year over year increase of 4%.

Revenue & Net Profit

Consolidated revenues amounted to AED 13.2 billion while consolidated net profit after Federal Royalty amounted to AED 2.3 billion representing a year over year increase of 7.9% and resulting in a net profit margin of 18%.

EBITDA:

Group Consolidated EBITDA for the first quarter of 2021 increased by 0.7% to AED 6.8 billion while EBITDA margin remained stable year on year at 51%. – abdulbasit@theuaenews.com