UAE-based Etisalat Group reports net profit of Dhs2.4bn, up 1% in Q3 2021

UAE-based telco Etisalat Group has said that its revenues in Q3 2021 reached Dhs13.3bn, an increase of 2 per cent compared to corresponding period last year.

Its consolidated net profit after Federal Royalty amounted to Dhs2.4bn, an increase of 1 per cent compared to same period last year.

In the third quarter, consolidated EBITDA amounted to Dhs6.7bn, and resulting in EBITDA margin of 51 per cent.

In the UAE, its subscriber base reached to 12 million, while Etisalat Group aggregate subscribers reached 155.4 million representing a year on year increase of 4 per cent.

“We will continue to channel our efforts towards enabling private and public sectors digital transformation journeys while equipping our operations with the next generation of technologies like AI and robotics to drive efficiencies. Etisalat mobile network reasserted its leadership as the fastest globally due to our sincere efforts in consistently pushing boundaries and delivering added value to our customers, shareholders, and the communities we serve,” said Hatem Dowidar, CEO of Etisalat Group.

There have been a few senior appointments made at Etisalat over the last few months. Masood M. Sharif Mahmood was appointed as as CEO for Etisalat UAE operations. Mahmood currently serves on the boards of Al Yah Satellite Communications Company (Yahsat), the UAE Space Agency, and Etihad Aviation Group.

The Group also announced in October that Obaid Bokisha will transition into the role of Group Chief Operations Officer (GCOO) from his previous position of Group Chief Transformation Officer and acting Group Chief Procurement Officer, as he will continue to lead transformation, procurement and administration. Additionally, Obaid will oversee business continuity and crisis management.

In a major development for the telco, Etisalat Group and G42 announced last month the signing of a binding agreement to merge their data centre (DC) offering in the UAE. A total of twelve data centres will be combined in a new joint venture business operating under Khazna Data Centres, creating the UAE’s largest data centre provider.

G42 and Etisalat Group will each own 60 per cent and 40 per cent of Khazna Data Centres, respectively. Khazna Data Centres will continue to develop the existing business and explore new business opportunities, both in the UAE and abroad.