Abu Dhabi: The net profit of Etisalat grew by 5 per cent in the first quarter of 2017 to Dh2.1 billion when compared to Dh2 billion during the same period last year. However, consolidated revenue for the first quarter of 2017 amounted to Dh12.5 billion representing a decline of 3 per cent in comparison to the same period last year due to unfavourable exchange movements mainly in Egypt, the company said in a statement on Tuesday.
In the UAE, revenue in the first quarter increases year on year by 5 per cent to Dh7.6 billion as a result of growth of the subscriber base with increased bundle propositions and strong performance of eLife segment.
The company attributed increase in profit to lower depreciation and amoritisation, lower forex losses and lower royalty charges that was partially offset by higher share of losses from associates and higher net finance costs.
Saleh Al Abdooli, Etisalat Group CEO said: “Etisalat has delivered a strong performance in the first quarter, a reflection of its strategy demonstrating Group’s ability to sustain momentum in spite of vastly changing global industry trends.
“The Digital Evolution is the future, and the telecom operators are the key players to enable the transition and be the exemplary adopters of the digital transformation, while harvesting its benefits in the form of improved products and services, faster time to market, enhanced customers’ experience, and enriched smart living.”
“Stemming from this conviction, Etisalat has continued its efforts to align its business with the digital mandate it undertaken, by shifting the operating model, investing in future technologies, and by acquiring and disseminating digital capabilities across its operations.”
