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Etisalat 2018 net profit surges 2.4pc to $2.34bn

Thursday 21 February 2019 02:20 PM

Etisalat Egypt
Etisalat Egypt

UAE's leading telecom services operator Etisalat Group has reported a consolidated net profit of Dh8.6 billion ($2.34 billion), up 2.4 per cent over the same period last year.

Announcing its consolidated financial statements for the 12 months ending December 31, 2018, Etisalat said the consolidated revenues surged 1 per cent to Dh52.4 billion over the same period last year.

Etisalat Group’s consolidated revenue for Q4 of 2018 surged to Dh13 billion. While consolidated net profit after Federal Royalty in Q4 amounted to Dh2 billion representing an increase of 2.4 per cent in comparison to the same period last year resulting in a net profit margin of 16 per cent.

Its earnings per share (EPS) amounted to Dh0.23 in the fourth quarter and Dh0.99 for the full year of 2018, an thus registering an increase of 2.4 per cent over the same period last year.

Etislalt said it had witnessed a big growth in its subscriber base in the UAE which has hit 12.6 million, while Etisalat Group aggregate subscribers reached 141 million subscribers representing a year on year increase of 1 per cent.

On the solid results, Chairman Eissa Mohamed Al Suwaidi said: "Our journey in 2018, marks another successful year for Etisalat in realising its vision towards leading the digital future to empower socialites. Etisalat’s solid financial performance is a reflection of our focus on sustaining our core business while enhancing and accelerating our digital portfolio."

"There was an increased effort on diversifying into new growth opportunities transforming Etisalat into an agile, digital and more efficient company," he stated.