Etisalat Group, the UAE’s largest telecommunications operator, said its revenue and net profit increased in the third quarter of 2021, prompting the Abu Dhabi-based company to improve its annual forecast for all financial metrics.
Consolidated revenue in the three-month period ending late September increased 2% to Dh13.3 billion ($ 3.6 billion) and consolidated net profit after federal royalty increased 1% to 2 , MAD 4 billion year-on-year, he said in a regulatory filing at the Abu Dhabi Stock Exchange, where his shares are traded. The company’s subscriber base in the United Arab Emirates reached 12 million, while the total number of subscribers increased 4% to 155.4 million.
For the first nine months of 2021, revenue grew 2.8% to Dh 39.73 billion ($ 10.8 billion), while profits rose 2.9% to 7.18 billion Dh ($ 1.95 billion).
âThe Etisalat Group continued to show steady growth in the third quarter of 2021, demonstrating agility as we respond to growing and evolving customer needs and market dynamics across our operations. We remain focused on delivering the key strategic priorities that would enable smarter digital. tomorrow while opening up new opportunities for dialogue with companies and customers, âsaid Hatem Dowidar, CEO of the Etisalat group, in a press release.
Etisalat’s performance was supported by its continued investments in next-generation technologies such as artificial intelligence and robotics, as well as its proactive response to rapidly changing user behavior and market dynamics.
Earlier in 2021, the company was named the world’s fastest mobile network for the second year in a row by web metrics provider Ookla.
“We look to the future with confidence with a positive outlook for our operations despite the various global macroeconomic factors reshaping the business environment through our footprint,” said Mr. Dowidar. âWe will continue to channel our efforts to enable private and public sector digital transformation journeys while equipping our operations with the next generation of technology. “
The consolidated profit before interest, taxes, depreciation and amortization in the third quarter amounted to 6.7 billion dirhams, resulting in an EBITDA margin of 51 percent.
For the first nine months of 2021, earnings per share amounted to Dh3.83, an increase of Dh0.03 year-on-year.
In July, Etisalat’s board of directors announced the first interim dividend for 2021 at the rate of MAD 0.40 per share. For 2020, he approved a record 1.20 Dh per share.
Last month, Etisalat signed a binding agreement with Abu Dhabi-based artificial intelligence service provider G42 to merge their data center services and create the UAE’s largest data center provider.
In August, Etisalat acquired an additional stake in Maroc Telecom Group, increasing its effective stake from 48.4% to 53%.
In January, Etisalat, along with the Emirates Intergrated Telecommunications Company of Dubai, raised its foreign ownership caps to 49% in a bid to attract more outside investors.
It also announced at this year’s Mobile World Congress that it is making plans for a 6G network.
Update: November 1, 2021, 9:13 a.m.