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Etisalat records solid revenue for 2020, net profit hits $2.4bn

ABU DHABI, 9 days ago

UAE's leading telecom services operator Etisalat has registered consolidated revenues of AED51.7 billion ($14.1 billion) for the 12-month period ending December 31, 2020, while its net profit after federal royalty surged to hit AED9 billion ($2.4 billion), up 3.8 per cent over the year before.
 
Announcing its results today (February 23), Etisalat said its consolidated ebitda amounted to AED26.4 billion, representing a year over year increase of 0.3 per cent and resulting in ebitda margin of 51.1 per cent.
 
Impressed with the results, the group's board of directors has proposed dividend payout of 40 fils per share for the second half of 2020, representing a total dividend payout of 80 fils for the full year.
 
The board also called for cancellation of the share buyback programme and instead proposed a one-time special dividend of AED0.40 per share. As a result, the total ‎dividend per share for the full year 2020 is AED1.20.
 
In the UAE, the subscriber base reached to 12.2 million subscribers, while Etisalat Group aggregate subscribers reached 154 million subscribers representing a year on year increase of 3.6 percent.
 
Credit Ratings by agencies S & P Global and Moodys affirmed Etisalat Group’s high credit rating at AA-/Aa3 with stable outlook.
 
Etisalat completed the acquisition of Help AG, a privately held regional company specialising in the delivery of cyber security solutions and services.
 
Commenting on the results, Group Chairman Obaid Humaid Al Tayer said: "As we begin our journey into a new digitally empowered future, 2020 was a true testimony to Etisalat Group’s resilience and agility."
 
"Despite the unprecedented global impact of the COVID-19 pandemic, Etisalat demonstrated robust financial performance, driven by our bold vision to constantly innovate while ensuring that communities we serve remain connected, informed and productive," he stated.
 
"We engaged heavily with governments and authorities while supporting the community with innovative offerings and free initiatives that assisted students, organisations, and societies as a whole. During the year, revenue and net profit growth were witnessed in our international markets while the domestic market experienced a decline in both due to the pandemic and market maturity," he added.



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