Etisalat records $3.6bn revenue in Q1; net profit surges 8pc
ABU DHABI, April 28, 2021
UAE's leading telecom services operator Etisalat has registered consolidated revenues of AED13.2 billion ($3.6 billion) for the first three months ending March 31, 2021, while its net profit after Federal Royalty amounted to AED2.3 billion ($626 million) representing a year over year increase of 7.9% and resulting in a net profit margin of 18%.
Announcing its results today (April 28), Etisalat said its net profit after Federal Royalty amounted to AED2.3 billion ($626 million) representing a year over year increase of 7.9% and resulting in a net profit margin of 18%.
The group's consolidated ebitda amounted to AED6.8 billion, representing an increase of 0.7% year over year and resulting in ebitda margin of 51%.
In the UAE, the subscriber base reached 12.4 million subscribers in Q1 of 2021, while aggregate subscriber base reached 156 million, representing a year over year increase of 4%, it added.
On the solid performance, Group CEO Engineer Hatem Dowidar said: "Our first quarter results are a continuation of the strong performance the company has achieved over the past year due to the resilience and agility shown across our business operations."
"The company generated record results in the new hybrid scenario helping consumers adapt to a new work-and-learn-from-anywhere reality while continuing to deliver innovative services subscribers require and demand," he stated.
"Our teams rallied to support our customers with technology playing a central role in keeping our society, economy and lives connected. Digital evolution is the future where telecom operators are the key players to enable the transition and be the exemplary adopters of digital transformation," remarked Dowidar.
"Stemming from this conviction, Etisalat will continue its efforts to align its business with the digital mandate it has undertaken, by shifting the operating model, investing in future technologies, generating new revenue streams and by acquiring and disseminating digital capabilities across its markets," he added.-TradeArabia News Service
