Etisalat Group reports AED4.6 bn consolidated net profits for H1 2020, an increase of 3% YoY
Etisalat Group today announced AED4.6 billion in consolidated net profits for H1 2020, a YoY increase of 3%.
In a statement, the Group said its subscriber base reached 146 million and the Consolidated revenues amounted to AED25.6 billion. The consolidated net profit after Federal Royalty reached AED4.6 billion representing a year over year increase of 3% and resulting in a net profit margin of 18%.
The consolidated EBITDA totaled AED 13.2 billion resulting in EBITDA margin of 52%.
More than 10 million Etisalat mobile subscribers enjoyed free browsing to over 800 websites related to education, health and safety.
Commenting on the financial results, Obaid Humaid Al Tayer, Chairman of Etisalat Group said, "Etisalat Group has delivered a good performance in the first half of 2020 considering the circumstances; the world is voyaging through unchartered waters and COVID-19 has affected all industries including the telecom sector. Etisalat managed to adapt, respond and demonstrate resilience as we ensured the delivery of uninterrupted services to our customers and had the privilege of supporting our society through various initiatives.
He added: "We are witnessing an opportunity to fast track digital transformation. The unconventional conditions have spurred the adoption of digital services, bridging a divide by changing customers’ behaviour towards digital channels. Etisalat’s innovative solutions have catered for the social distancing era, it has enabled remote working and education, it minimised human interactions and increased the pace of automation. Our infrastructure has accommodated the surge in requirements 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 globally. Despite the headwinds posed by today’s extraordinary times we continue to pursue our digital goals to meet the distinctive needs of all customers. I would also like to extend appreciation to our shareholders and loyal customers for their sustained confidence during this period."
For his part, Hatem Dowidar, Acting CEO, Etisalat Group & CEO, Etisalat International stated: "As we conclude the first half of the year, we pride ourselves with our ability to sustain shareholder value while ensuring the safety of our employees , the welfare of our customers, and the continues support to the community. The group’s financial performance is a testimony of the strong foundations Etisalat was built on and a reflection of a robust network playing a pivotal role in harnessing solutions and services enabling governments, industries and communities to accelerate digital transformation.
"Today the digital revolution is in full force with businesses looking at every window of opportunity to transform their services and solutions. At Etisalat our focus to realise the vision and strategy of ‘Driving the digital future to empower societies’ supported customers during these unprecedented times by providing them a plethora of new innovative services and emerging technologies backed with resilient connectivity to mitigate the exponential spikes in the network.
"Despite the global economic pressure, Etisalat is confidently moving forward and progressing positively in enabling societies across its operations. We will continue to focus on capitalising opportunities and enhancing overall customer experience while delivering long-term value for all our shareholders."
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