UAE-based Etisalat Group has posted consolidated revenues of Dh13.1 billion ($3.56 billion) for the first quarter (Q1) of 2020, representing a year over year increase of 1 per cent.

Consolidated net profit after Federal Royalty amounted to Dh2.2billion and resulting in a net profit margin of 17 per cent, a company statement said.

Financial highlights and key developments of Q1

•    As Part of its support and commitment towards the community and its shareholders, Etisalat board of Directors approves interim dividend payout of 25 fils per share
•    Aggregate subscriber base reached 150 million, representing a year over year increase of 5 per cent.
•    Consolidated EBITDA totalled Dh6.7billion, representing an increase of 1.5 per cent year over year and resulting in EBITDA margin of 51 per cent.
•    Etisalat launched initiatives to support “Stay at Home” directive offering free mobile internet for families without home internet to facilitate their access to distance learning services, free applications to support work from home for businesses and government entities.
•    Etisalat named ‘The Most Valuable Consumer Brand’ and ‘The Most Valuable Telecom Brand’ in MEA region.
•    Etisalat completed the acquisition of Help AG, a privately held regional company specialising in the delivery of cyber security solutions and services.
•    Etisalat successfully launched open virtual Radio Access Network (Open vRAN), becoming the first operator in MENA to achieve this technological feat
•    Etisalat unveiled the 5G-enabled smart patrol for Dubai Police, a first in the Middle East and North Africa region
•    Etisalat partnered with Microsoft to enhance its public cloud first strategy infused with automation and AI
•    Etisalat introduced 'Cloudtalk', first-of-a-kind cloud-based platform enabling  business unified communication and collaboration service for small and medium businesses (SMB) and enterprise customers in the UAE
•    Etisalat launched ‘Business Edge’, a new comprehensive platform offering a wide range of services and solutions that cater to Small and Medium Business (SMB) customers
•    Etisalat partnered with Alef Education, to enable both entities to collaborate on a series of digital initiatives to empower the region’s education sector
•    Etisalat launched first-of-its-kind telehealth service in the private sector as a continuation of its mission to provide clinical excellence to patients in need
•    Etisalat partnered with Department of Health, the regulator of the healthcare sector in Abu Dhabi to launch the ‘Digital Healthcare’ Centre

Obaid Humaid Al Tayer, chairman, Etisalat Group said: “Today as we navigate through these challenging times, Etisalat has showed resilience and remained committed towards the communities it serves, ensuring business continuity and readiness, minimising impact on our operations and uninterrupted services to our customers. Etisalat's performance in the first quarter reflects our agility in dealing with unprecedented market challenges and pressures facing the telecom sector globally.”

“We are also thankful to the vision of our wise leadership in the UAE in positioning the country among the most digitally advanced globally and inspiring us to realise our efforts in ‘Driving the digital future to empower societies’ by delivering world-class networks, infrastructure and innovative services.

“This has empowered Etisalat to address the current challenges and meet digital requirements facilitating businesses to work remotely and over a million students enjoying distance learning across the UAE. Through our dedicated teams, we were geared to fully support and serve the community showcasing infrastructure preparedness to deliver access to vital telecom services during today’s extraordinary times.

“Moving ahead, we remain optimistic about the future as there are immense opportunities in the midst of the challenges and pressures faced by the telecom sector globally. With digital enablement and innovation making an impact on every sector, the world is moving in full force towards achieving digital transformation.

“5G network is more important than ever as it will be a key enabler of remote business, education, entertainment and has the capability of addressing customer current and future needs. Etisalat’s pioneering position in 5G will bring these futuristic solutions to governments, businesses and consumers alike reiterating our efforts in digital innovation and also our leadership as a telecom brand regionally and internationally,” he added.

Subscribers

In the UAE the subscriber base grew to 12.7 million subscribers in Q1 of 2020, while aggregate subscriber base reached 150 million, representing a year over year increase of 5 per cent. – TradeArabia News Service