UAE-based telecom group Etisalat has reported a consolidated net profit of Dh8.7 billion ($2.36 billion) for 2019 an increase of 1 per cent compared to the previous year, while consolidated revenues reached to Dh52.2 billion.

The aggregate subscriber base reached 149 million, representing a (year-on-year) YOY increase of 6 per cent, reported state news agency Wam, citing a company press statement

Twelve months' consolidated revenues reached to Dh52.2 billion, while consolidated net profit after Federal Royalty for the twelve months amounted to Dh8.7 billion, an increase of 1 percent compared to same period last year.

Consolidated EBITDA amounted to Dh26.4 billion, representing an increase of 2 percent year over year and resulting in EBITDA margin of 51 percent.

Commenting on the country's achievements, Obaid Humaid Al Tayer, chairman, Etisalat Group, said: "As we begin our journey into the next decade, 2019 was a testimony to Etisalat Group leadership locally, regionally and internationally. Etisalat continued reinforcing its core business; explore new growth opportunities, while transitioning to the digital era and being well geared for the future.”

He added that Etisalat Group has led the digital transformation by proactively responding to technological advancements and bringing the latest global innovations to nurture creativity. It has become clear that the paradigm shift in the telecom industry is now in full force. Digital transformation is becoming present in more areas of life, and we have striven to be at the forefront leading it.

Etisalat’s performance in the past year is a reflection of the company’s capabilities and agility to transform and lead in the digital space driven by our robust vision and strategy. 5G today will give an opportunity to spur innovation across many industries while enabling emergent technologies to become an integral part of UAE economy and lifestyle.

"This was only possible due to a decade of continuous support and vision of the UAE leadership, the loyalty of our customers and the trust of our shareholders. A special thanks to Etisalat management team for their commitment and dedicated work towards the realisation of Etisalat’s vision and strategic goals," Al Tayer continued.

The group accordingly proposed a dividend payout of 40 fils per share for the second half of 2019, representing a total dividend payout of 80 fils for the full year and a dividend payout ratio of 80 percent.

Credit Ratings by agencies S & P Global and Moody’s affirmed Etisalat Group’s high credit rating at AA-/Aa3.