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Etisalat profit edges up on growing UAE revenues

Etisalat profit edges up on growing UAE revenues

Net profit attributable to equity holders climbed 1.9 per cent to Dhs8.42bn in 2016

Higher revenues in its domestic market enabled United Arab Emirates-based telecommunications operator Etisalat to report a slightly higher profit on Tuesday.

Etisalat said UAE revenues rose by 5.5 per cent due to strong data services and use of broadband solutions, while its Moroccan affiliate Maroc Telecom also performed well as overall group revenues rose 2 per cent to Dhs52.36bn.

Net profit attributable to equity holders climbed 1.9 per cent to Dhs8.42bn ($2.29bn) in 2016, Etisalat said, adding that 2015 earnings had been restated.

The company did not give details of the changes.

Fourth-quarter net profit was Dhs2.24bn, according to Reuters calculations as the company did not break out quarterly numbers. Profit in the fourth quarter of 2015 was Dhs2.6bn, according to Etisalat’s website.

Analysts at SICO Bahrain had forecast a fourth-quarter 2016 profit of Dhs2.24bn and EFG Hermes, Dhs2.09bn.

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