Etisalat Group reports Dhs2.3bn consolidated net profit for Q1 2021; up 7.9% y-on-y

UAE’s telecom major, Etisalat Group, said that its consolidated net profit, after deduction of the federal royalty, amounted to Dhs2.3bn for Q1 2021, representing a year-on-year increase of 7.9 per cent and resulting in a net profit margin of 18 per cent.

The company said its aggregate subscriber base reached 156 million as of March 31, 2021, representing a year-on-year increase of 4 per cent.

Consolidated revenues amounted to Dhs13.2bn and consolidated EBITDA totaled Dhs6.8bn, recording an increase of 0.7 per cent year-on-year and resulting in an EBITDA margin of 51 per cent.

“Etisalat Group’s 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,” said Hatem Dowidar, CEO of Etisalat Group.

“Digital evolution is the future where telecom operators are the key players to enable the transition and be the exemplary adopters of digital transformation. 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.”

In February, Etisalat said that its net profit for 12 months ending December 31, 2020, after federal royalty, amounted to Dhs9bn, up 3.8 per cent year-on-year.

Read: UAE operator Etisalat reports Dhs9bn net profit in 2020; up 3.8% y-on-y

Consolidated EBITDA was recorded at Dhs26.4bn, representing a year-on-year increase of 0.3 per cent and resulting in an EBITDA margin of 51.1 per cent. Meanwhile, its consolidated revenues for 2020, reached Dhs51.7bn, a 0.9 per cent decrease over the previous year.

Also for 2020, In the UAE, its subscriber base reached 12.2 million, while the group’s aggregate subscribers reached 154 million representing a year-on-year increase of 3.6 per cent.

In January, telecom operators Etisalat and du raised the permitted ownership limit of foreign nationals to 49 per cent.

Read: UAE operators Etisalat, du raise foreign ownership to 49%