UAE based Telecommunication group Etisalat has reported a net profit of Dh 2.2 billion resulting in a net profit margin of 17 percent. The group board has also approved a dividend payout of 25 fils per share.
The preeminent telecoms group’s first-quarter consolidated revenues rose one percent to Dh13.1 billion as its earnings before interest, taxes, depreciation, and amortization reached Dh6.7 billion, up 1.5 percent.
The group’s gross subscriber base reached 150 million, representing a year over year increase of five percent as it started actions to support “stay at home” directive offering free mobile internet for families without home internet to facilitate their access to distance learning services, free applications to support work from home for businesses and government entities, the company said in a statement.
In the UAE, Etisalat subscriber base grew to 12.7 million in the quarter.
Obaid Humaid Al Tayer, Chairman, Etisalat Group, said during the challenging times, Etisalat has shown resilience and remained engaged towards the communities it serves, ensuring business continuity and zeal, reducing the impact on operations and continuous services to customers. “Etisalat’s performance in the first quarter reflects our agility in dealing with unprecedented market challenges and pressures facing the telecom sector globally.”
Al Tayer said Etisalat remains dedicated to realizing UAE’s efforts in ‘driving the digital future to empower societies’ by delivering world-class networks, infrastructure, and innovative services. “This has empowered Etisalat to address the current challenges and meet digital requirements facilitating businesses to work remotely and over a million students enjoying distance learning across the UAE. Through our dedicated teams, we were geared to fully support and serve the community showcasing infrastructure preparedness to deliver access to vital telecom services during today’s extraordinary times.”
“Moving ahead, we remain optimistic about the future as there are immense opportunities in the midst of the challenges and pressures faced by the telecom sector globally. With digital enablement and innovation making an impact on every sector, the world is moving in full force towards achieving digital transformation,” Al Tayer said.
Al Tayer also added that the 5G network is more important than ever as it will be a key enabler of remote business, education, entertainment and has the ability to address customer’s current and future needs. “Etisalat’s pioneering position in 5G will bring these futuristic solutions to governments, businesses, and consumers alike reiterating our efforts in digital innovation and also our leadership as a telecom brand regionally and internationally.”