Etisalat posts net profit increase of 51%

Etisalat Group today announced its consolidated financial statements for the three months ending 30th June 2016.

Financial Highlights and Key Developments:

• Consolidated net profit after Federal Royalty increased year over year by 51% amounting to AED 2.3 billion.

• Consolidated revenues amounted to AED 13.3 billion and increased year over year by 2%.

• Consolidated EBITDA totalled AED 6.8 billion, resulting in EBITDA margin of 51%.

• Aggregate subscriber base reached 163 million representing a year over year increase of 1%.

• Distribution of interim dividend for the first half of the fiscal year 2016 of 40 fils per share.

• Credit Ratings Agencies Standards & Poor’s and Moodys affirmed Etisalat Group’s high credit rating at AA-/Aa3.

Etisalat Group Chairman Mohamed Eissa al-Suwaidi said: “We have succeeded in increasing our profits in the first half of 2016 and enhancing our performance in a way that fulfils our long fruitful journey. Etisalat Group owes this success first and foremost to the continued support of the wise leadership of the United Arab Emirates, which has ensured that we continue to aspire forward with confidence and also to adapt to the rapid developments and changes faced by the telecom industry.”

Eng. Saleh Al Abdooli, Chief Executive Officer of Etisalat Group said: “Etisalat’s performance in the first half of 2016 maintains our record of solid performance and consolidates our position as a leading operator in emerging markets. Therefore, enabling us to continue to offer significant value for our shareholders, whilst being able to make the investment in innovative solutions that is vital to maintain our leading role in one of the world’s fastest evolving industries.”

Net Profit

• Consolidated net profit after Federal Royalty increased year over year by 51% to AED 2.3 billion in the second quarter of 2016 resulting in higher profit margin of 6 points to 17%.

• Earnings per share (EPS) amounted to AED 0.27 in the second quarter of 2016, representing a 51% increase from the same period last year.

• The Board of Directors has approved an interim dividend distribution for the six months period ended 30 June 2016 at the rate of 40 fils per share.

Revenue

• Etisalat Group’s consolidated revenue for the second quarter of 2016 amounted to AED 13.3 billion with growth of 2% in comparison to the same period last year and 4% quarter over quarter.

• In the UAE, revenue in the second quarter increased year on year by 3% to AED 7.7 billion and 6% quarter over quarter.

• Maroc Telecom consolidated revenue for the second quarter of 2016 amounted to AED 3.2 billion representing a year over year growth of 3%.

Subscribers

· Etisalat Group aggregate subscribers as at 30 June 2016 was 163 million reflecting a net gain of 1.1 million during the last 12 month period.

· In the UAE, the active subscriber base grew to 12.1 million subscribers in the second quarter of 2016 representing a year on year growth of 7%.

· For Maroc Telecom, the subscriber base reached 53.0 million customers, representing a year over year growth of 4%.

· In Pakistan, subscriber base increased by 7% year over year to 23.6 million customers.

 

Etisalat posts net profit increase of 51%

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