Etisalat Group reports AED4.6 billion consolidated net profit for H1 2020, an increase of 3% YoY

The Etisalat Group today announced a net income of AED 4.6 billion for The First Half of 2020, an increase of 3%.
In a statement, the group said its subscriber base reached 146 million and consolidated revenue amounted to AED 25.6 billion. Consolidated net profit after Federal Royalty reached AED 4.6 billion, an increase of 3% on the previous year and a net profit margin of 18%.
Consolidated EBITDA amounted to AED 13.2 billion, representing an EBITDA margin of 52%.
More than 10 million Etisalat mobile subscribers enjoyed free browsing on over 800 educational, health and safety websites.
Obaid Humaid Al Tayer, Chairman of the Etisalat Group, commented on the financial results as saying: “The Etisalat Group delivered a good performance in the first half of 2020, taking into account the circumstances; the world is passing through unexplored waters, and COVID-19 has affected all sectors, including the telecommunications sector. Etisalat has managed to adapt, respond and demonstrate resilience, as we have ensured the provision of uninterrupted services to our customers and have had the privilege of supporting our society through various initiatives.
He added: “We are witnessing an opportunity to accelerate digital transformation. The unconventional conditions have boosted the introduction of digital services and bridged a gap by changing customer behavior towards digital channels. Etisalat’s innovative solutions have lived up to the social disassembly period, enabled remote work and education, minimized human interactions and increased the pace of automation. Our infrastructure meets the growing demands and is ready for more acceleration in digital adoption.
“I would like to thank the UAE leadership for positioning the country as one of the most competitive nations in the world. Despite the headwinds created by today’s extraordinary times, we continue to pursue our digital goals to meet the special needs of all customers. I would also like to thank our shareholders and loyal customers for their continued trust during this time.”
For his part, Hatem Dowidar, Acting CEO, Etisalat Group & CEO, Etisalat International, said: “At the end of the first half of the year, we are proud of our ability to maintain shareholder value while ensuring the safety of our employees, the well-being of our customers and continued support for the community. The group’s financial performance is a testament to the strong foundations on which Etisalat is built, and a reflection of a robust network that plays a central role in leveraging solutions and services that enable governments, industries, and communities to accelerate digital transformation.
“Today, the digital revolution is in full swing, and companies see every window of opportunity to transform their services and solutions. Sharjah News