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Abu Dhabi, UAESunday 18 November 2018

Etisalat Q4 profit rises 2.7 per cent on strong domestic performance

Etisalat directly and indirectly operates in about 18 countries across the Middle East, Africa and Asia.
Net profit for the full year was at Dh8.26 billion, compared to Dh8.60bn in 2014. Sarah Dea / The National
Net profit for the full year was at Dh8.26 billion, compared to Dh8.60bn in 2014. Sarah Dea / The National

Etisalat, the country’s biggest publicly traded company, posted a Dh2.6 billion net profit for the fourth quarter yesterday, driven by a strong performance in its domestic market.

It compares to a profit of Dh2.14bn a year earlier. However, the company, which operates in 18 countries, restated its financial statements for 2014.

Net profit for the full year was Dh8.26bn, compared to Dh8.60bn in 2014. Revenue for 2015 was Dh51.7bn versus Dh48.50bn in 2014.

“On the face of it, it is a good quarter, the bottom line is very strong, but the top line of Dh12.5bn was lower than what we expected,” said Nishit Lakhotia, the head of research at Securities & Investment Company (Sico) in Bahrain.

A spokesperson for Etisalat said: “In the UAE, revenue increased by 6 per cent as a result of growth of subscriber base with increase in voice and data to consumer and enterprise segments.”

In June, the federal government announced the opening up of Etisalat to overseas investors for the first time. Etisalat’s shares have rallied since then and shares in du also received a boost.

selgazzar@thenational.ae

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