Etisalat Group has announced its financial results for the third quarter of 2020, boasting a 6% increase in consolidated net profit.
The operator’s UAE subscriber base reached to 12.1 million, while Etisalat Group aggregate subscribers reached 149 million representing a year on year increase of 1%.
Etisalat Group’s consolidated revenue for the third quarter of 2020 amounted to AED 13.0 billion, while consolidated net profit after Federal Royalty amounted to AED 2.4 billion, representing an increase of 6% and resulting in a net profit margin of 18%.
Consolidated EBITDA amounted to AED 6.9 billion, representing an increase of 2% year over year and resulting in EBITDA margin of 53%.
Hatem Dowidar, Acting CEO, Etisalat Group & CEO, Etisalat International, said, “Etisalat’s performance in the third quarter exemplifies resilience in these uncertain times and is a testament to the vital role the network played in our customers’ lives, enabling businesses and the society to easily transition to the new normal.
“Thanks to the advanced capabilities of our infrastructure, Etisalat will continue to capture new growth opportunities while remaining focused on addressing the increasing customers’ needs during the pandemic. We have sustained our efforts in realizing our vision of ‘Driving the digital future to empower societies’ through these challenging times. The availability and access to the super-fast speeds on 5G fixed networks from homes is a testament to our efforts taken towards this direction.
“Etisalat will move ahead in its journey of transformation on an accelerated path showing agility by future-proofing its business against challenges and capitalizing on opportunities. We will remain focused on our long-term goals while creating incremental business value. As a company, we will continue to digitally transform our business, focusing on innovation in our existing assets by building new capabilities that are digitally enabled and sustainable.
“I would like to thank the UAE leadership for their vision and support during this period, inspiring us to pursue our digital ambitions and face the new reality to meet the distinctive needs and expectations of the communities we serve. Etisalat also extends its appreciation to its loyal customers, partners and shareholders for their continued confidence during this period.”