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UAE’s Etisalat reveals net profit increase to $1.3bn amid digital transformation

Middle East Market
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UAE-based telecoms operator Etisalat has reported a three percent rise in net profit to AED4.6 billion ($1.3bn) for the first six months of 2020, despite the onset of the Covid-19 pandemic, with the company accelerating its digital offering.

Revenues for first half of the year reached AED25.6bn ($7bn) while the company’s subscriber base totalled 146 million representing a year-on-year increase of two percent.

Obaid Humaid Al Tayer, chairman of Etisalat Group, said: “We are witnessing an opportunity to fast track digital transformation. The unconventional conditions have spurred the adoption of digital services, bridging a divide by changing customers’ behaviour towards digital channels.

“Etisalat’s innovative solutions have catered for the social distancing era, it has enabled remote working and education, it minimised human interactions and increased the pace of automation. Our infrastructure has accommodated the surge in requirements and is ready for more acceleration in digital adoption.”

Consolidated EBITDA for H1 totalled AED13.2bn, with a margin of 52 percent, while credit ratings agencies Standards & Poor’s and Moody’s both affirmed Etisalat Group’s high credit rating at AA-/Aa3, with a stable outlook.

Hatem Dowidar, acting CEO, Etisalat Group and CEO, Etisalat International, said: “Today the digital revolution is in full force with businesses looking at every window of opportunity to transform their services and solutions.”

‘Stay at Home’

Throughout the Covid-19 pandemic, the company launched a series of initiatives to support the ‘Stay at Home’ directive issued by the government, including providing free internet to families to access distance learning services and allowing more than 10 million mobile subscribers to enjoy free browsing over 800 websites related to education, health and safety.

Etisalat also introduced new applications and services for businesses during work from home period, and deployed a dedicated task force to ensure business continuity and to monitor the performance of basic applications. 

Dowidar added: “Despite the global economic pressure, Etisalat is confidently moving forward and progressing positively in enabling societies across its operations. We will continue to focus on capitalising opportunities and enhancing overall customer experience while delivering long-term value for all our shareholders.”

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