UAE telco Etisalat reports flat net profit in Q3

UAE telecoms operator Etisalat has reported a marginal increase of 0.8 per cent year-on-year rise in net profit for the third quarter of the year.

The net profit for the third quarter of 2019 after federal royalty amounted to Dhs2.3bn versus Dhs2.282bn in Q3 last year.

Revenues for the third quarter totaled Dhs13bn, similar to Dhs13.15bn during the same period last year.

Consolidated EBITDA for the third quarter reached Dhs6.8bn, the company said.

It also reported Dhs6.7bn in consolidated net profit for the first nine months of 2019, an increase of 2.1 per cent year-on-year.

Nine-month consolidated revenues culminated to Dhs38.8bn.

The firm’s aggregate subscriber base amassed to 148 million, recording a year-on-year increase of 5 per cent, the statement added. In the UAE, the subscriber based reached 12.4 million.

Nine month consolidated EBITDA amounted to Dhs20.1bn.

“Etisalat’s performance in the third quarter demonstrates our agility in adopting to the rapid changes in the telecom industry,” said Saleh Abdullah Al Abdooli, chief executive officer at Etisalat Group.

“As we move into the 5G era, it has opened a world of opportunities enabling the deployment of innovative solutions and services across different sectors which will accelerate digital growth and drive efficiencies,” he added.

Earlier this year, Etisalat and du delivered their first 5G-enabled smartphones in the country.

Read: UAE telecoms operators Etisalat, du start handing out first 5G handsets

It also announced the availability of 5G coverage in Burj Khalifa in 2019.

Read more: Video: Etisalat says 5G coverage available at world’s tallest tower in Dubai