The UAE’s telecom giant Etisalat Group reported increase in its revenue and net profit figures in the 3rd quarter of the year 2021. The telecom giant’s consolidated revenue figures for the quarter ended September 30, 2021 increased by 2% to AED 13.3 billion when compared with the corresponding period of 2020. The company’s consolidated net profit figure increased by 1% to AED2.4 billion when compared with the corresponding period of last year. The aforementioned net profit figure was determined after deducting federal royalty.
The telecom operator’s UAE subscriber base reached the milestone of 12 million, while the group’s aggregate subscribers hit 155.4 million.
For the first three quarters of 2021, revenue increased by 2.8% to AED 39.73 billion, while profit increased by 2.9% to AED 7.18 billion.
The chief executive of Etisalat Group, Hatem Dowidar, said that we delivered a steady growth in the 3rd quarter of the year 2021 and in doing so displayed agility as we addressed the changing needs of the customers. We are focused towards achieving our critical strategic priorities that would help us in shaping a smarter digital tomorrow while creating opportunities for engaging with customers and businesses alike.
The group’s performance was supported by the investments it made in the latest technologies such as robotics and artificial intelligence, as well as on its proactive response to market dynamics and ever-changing behavior of users.
Earlier this year, the company was given the title of the fast mobile network in the world for the second year by Ookla.
Dowidar also said that we look towards future with a positive mindset for our business operations despite various factors that are changing the business environment. He further said that we will continue our efforts towards enabling digital transformation of public and private sector organizations while equipping our operations with the latest technologies. The telecom giant’s consolidated EBITDA in the 3rd quarter was AED 6.7 billion, with a margin of 51%.
For the first three quarters of 2021, earnings per share (EPS) amounted to AED 0.83, an increase of AED 0.03 when compared with the corresponding period of 2020.
In July 2021, Etisalat’s board announced the first dividend for 2021 at the rate of AED 0.40 per share. However, the board in the year 2020 had approved dividend of AED 1.20 per share.
Last month, the telecom operator signed an agreement with G42 (an artificial intelligence services provider) to merge their data centre services to establish the largest data centre provider that UAE has ever seen. In August Etisalat purchased additional shares of Maroc Telecom Group and increased its effective ownership from 48.4% to 53%. It has also announced its plans for developing a 6G network.