Etisalat’s Q4 profit dips 3.95%

ETISALAT Group reported a 3.95 per cent fall in preliminary full-year profit to Dh8.26 billion compared to Dh8.60 billion due to slower regional economic growth.

The company, which operates in Nigeria and 17 markets across the Middle East, Asia and Africa, reported a 6.61 per cent increase in full-year revenues to Dh51.72 billion compared to Dh48.51 billion a year earlier.

Sukhdev Singh, vice-president at market research and analysis services provider AMRB, said the growth in revenues is a good performance in the face of regional economic instability.

“It is not a surprise that the telco feels that growth in subscriber base or bundled services to consumers and enterprise segments in the UAE have helped them to grow. Data and connected services are certainly going to drive the growth in the immediate as well as long term,” he said.

Given that Etisalat, particularly in the emirates, is known to be an “early adopter of the latest technology” in the telecom world, it is able to push the growth in adoption among consumers for new technologies.

The operator said in a statement to the Abu Dhabi stock exchange that the growth in revenue is driven by the “strong performance” of domestic operations and the consolidation of full-year results of Maroc Telecom operations.

Advertisements