Telecom major continues a steady run, even as it consolidates some of its overseas interests.
The UAE telecom giant Etisalat added another 12 million subscribers for its services in the July to end September period, as revenues surged to Dh13.3 billion during the period. Net profit after the deduction of Federal Royalty payments came to Dh2.4 billion.
The revenue and profit tally represent a 2 per cent and 1 per cent increase, respectively, from a year ago. The telco’s overall subscriber numbers are now at 155.4 million, a gain of 4 per cent. Going by the nine-month performance, the management has improved the full-year 2021 guidance for all financial indicators.
“We will continue to channel our efforts towards enabling private and public sectors digital transformation journeys while equipping our operations with the next generation of technologies like AI and robotics to drive efficiencies,” said Hatem Dowidar, CEO. “Etisalat mobile network reasserted its leadership as the fastest globally…
“We look at the future confidently with a positive outlook for our operations despite the various global macro-economic factors that are reshaping the business environment across our footprint.”
- During Q3-21, the Etisalat Group raised its foreign ownership limit to 49%.
- The UAE group signed an agreement to acquire an additional stake in Maroc Telecom Group, increasing its effective ownership from 48.4 to 53%.
- Etisalat Group struck an alliance with another Abu Dhabi based entity G42 to build UAE’s largest data centre provider.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
