Abu Dhabi, UAEFriday 24 May 2019

Etisalat’s 2018 net profit rises 2.4 per cent on higher local and international income

The UAE’s biggest telco posted a net profit of Dh8.6 billion

Etisalat's revenue grew 1.4 per cent year-on-year to Dh52.4 billion. Pawan Singh / The National 
Etisalat's revenue grew 1.4 per cent year-on-year to Dh52.4 billion. Pawan Singh / The National 

Etisalat, the UAE's biggest telecom operator, posted a 2.4 per cent increase in 2018 full-year net profit due to higher international and local income.

Net profit attributable to equity holders in the 12 months ended December 31 rose to Dh8.6 billion from a year earlier, it said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded. The company did not disclose its fourth quarter results.

This increase is mainly attributed to the growth in revenues of international operations and strong performance of fixed and other segments in the UAE.

Revenue during the period grew 1.4 per cent to Dh52.4bn. Etisalat's earnings per share grew slightly to Dh0.99 in 2018.

Etisalat, which had a monopoly in the UAE until du entered the market in 2007, exited from its Nigerian operations in 2017. The company, which owns and operates subsidiaries in the Middle East, Africa and Asia, has signed an agreement with Telecom Egypt to provide the first voice services over an LTE network in the country.

The telco also owns a 28 per cent stake in Saudi telecoms company Etihad Etisalat (Mobily). It is also set to introduce limited 5G services, the ultra-high speed mobile broadband, in the first quarter 2019.

The company’s audited financials will be disclosed after an approval from the board of directors in their meeting scheduled on February 19.

Updated: February 13, 2019 06:07 PM

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