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Etisalat reports 4% higher profits in 9M

Etisalat reports 4% higher profits in 9M
The company has generated revenues of AED 38.64bn
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ETISALAT
0.22% 18.36 0.04

Abu Dhabi – Mubasher: The net profits attributable to the owners of Emirates Telecommunication Group (Etisalat) rose by 3.7% to AED 6.98 billion during the first nine months of 2020 from AED 6.73 billion in the same period of 2019.

The company has generated revenues of AED 38.64 billion in the January-September period of 2020, down 0.5% from AED 38.85 billion in the year-ago period, according to the company's consolidated financial results for the nine-month period ended on 30 September 2020.

The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) amounted to AED 20.1 billion in the first nine months of 2020, up 0.2% year-on-year (YoY).

The basic and diluted earnings per share (EPS) stood at AED 0.80 in the first nine months of 2020, against AED 0.77 in the corresponding period of 2019.

During the third quarter (Q3) of 2020, the company's net profits increased to AED 2.41 billion from AED 2.29 billion in the corresponding quarter of 2019.

The Acting CEO of Etisalat, Hatem, Dowidar, commented: "Etisalat’s performance in the third quarter exemplifies resilience in these uncertain times and is a testament to the vital role the network played in our customers’ lives, enabling businesses and the society to easily transition to the new normal."

Dowidar added: "As a company, we will continue to digitally transform our business, focusing on innovation in our existing assets by building new capabilities that are digitally enabled and sustainable."

It is noteworthy to mention that in the first half (H1) of 2020, the company recorded net profits of AED 4.566 billion, down from AED 4.443 billion in the same months of 2019.