Abu Dhabi-based telecom major, Etisalat, has announced a second-quarter net profit (after federal royalty) of AED (United Arab Emirates dirham) 1.9 billion, a jump of 17 per cent over the same period last year.
While the consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) rose by 16 per cent to AED 4.3 billion (1 AED = $0.27) over the same period last year, its EBITDA margin improved to 52 per cent.
Sequentially, the net profit of the company rose by 3 per cent.
The group said its consolidated revenues increased by 4 per cent year-on-year to AED 8.3 billion, while the revenue from international operations grew by 14 per cent to AED 2.3 billion during the period.
According to a company statement today, its consolidated capital spending increased by 1 per cent to AED 0.9 billion, representing 10 per cent of the consolidated revenues.
The company said it had a positive net cash balance of AED 5.2 billion.
The Etisalat chairman, Mr Eissa al-Suwaidi, said, “Building on the solid performance that the group witnessed during the first quarter of the year, we have seen a year-on-year increase of 20.5 per cent in operating profit and 17 per cent net profit. This is on the back of strong market development in Egypt, Benin, Gabon, Togo, Afghanistan and Sri Lanka.”
“Our strategy is clear. Following the industry trend to invest in overseas markets over the past decade, we are now focusing on creating value in high population, high growth markets such as Saudi Arabia, Egypt, Nigeria, Pakistan and Afghanistan,” he added.
Mr Ahmad Abdulkarim Julfar, group Chief Executive Officer, Etisalat, said, “Over the past five years, the Etisalat Group has contributed approximately 5 per cent to the UAE’s GDP.”