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Etisalat Registers 51% Surge In Net Profit In Q2 2016

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Etisalat Registers 51% Surge In Net Profit In Q2 2016

The Middle East’s largest operator Etisalat Group has announced a consolidated net profit of AED 2.3 billion in the second quarter of 2016, an increase of 51% year-over-year. The Group reported a revenue of AED 13.3 billion, which is a 2% surge when compared to the same period last year.

Results

Commenting on the surge in revenue and profit, Etisalat Group Chairman Mohamed Eissa al-Suwaidi said, “We have succeeded in increasing our profits in the first half of 2016 and enhancing our performance in a way that fulfills our long fruitful journey.  Etisalat Group owes this success first and foremost to the continued support of the wise leadership of the United Arab Emirates, which has ensured that we continue to aspire forward with confidence and also to adapt to the rapid developments and changes faced by the telecom industry.”

In UAE, the revenue increase was 3% year-over-year and registered at AED 7.7 billion. The telecommunications company in Morocco, Maroc Telecom, to which Etisalat sold its West African operations, reported a consolidated revenue of AED 3.2 billion in the Q2 2016, a 3% increase when compared to the same period last year.

In terms of subscribers, Etisalat Group reported an aggregate subscriber base of 163 million as of 30 June 2016. The Group has added 1.1 million subscribers during the last 12 months. In UAE, its subscriber base grew to 12.1 million subscribers in the Q2 2016, making a year-over-year growth of 7%. For Maroc Telecom, the subscriber base reached 53.0 million customers, representing a year over year growth of 4%. In Pakistan, Etisalat’s subscriber base increased by 7% year over year to 23.6 million customers.

“Etisalat’s performance in the first half of 2016 maintains our record of solid performance and consolidates our position as a leading operator in emerging markets. Therefore, enabling us to continue to offer significant value for our shareholders, whilst being able to make the investment in innovative solutions that is vital to maintaining our leading role in one of the world’s fastest evolving industries,” said Eng. Saleh Al Abdooli, Chief Executive Officer of Etisalat Group.

Ria Lakshman. V is a lead news writer at The Telecom Times. She studied Journalism at Manipal School of Communication and proceeded to work in newspapers and magazines, with technology as her focus area. Passionate about Telecommunications sector, her move to 'The Telecom Times' was a natural choice. Alongside, she also writes for Telecom Talk, where she covers news and tech commentaries in the sector of telecom. In the free time, Ria loves to go camping, read books, or sketch illustrations. She also runs a local design studio and promotes eco-friendly crafts. Ria can be found sharing her knowledge and insights on Twitter.

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