UAE’s Etisalat marks a 2 percent rise in Q3, 2021

UAE-based telco, Etisalat, revealed its 2021, third quarter (Q3) financial report, unveiling a 2 percent rise in a fiscal year ending on September 30, reaching $3.62 billion.

The group’s consolidated net profit rose to $653.38 million, imprinting a 1 percent increase in a fiscal year, with consolidated revenues reaching $3.62 billion, a 2 percent augmentation from the same period last year.

In Q3, Etisalat’s consolidated EBITDA revenues rose to $1.82 billion, a 51 percent mount.

In 2021 alone, the telco’s aggregate subscriber base marked a 4 percent increase in Year-over-Year (YoY), reaching 155.4 million users, while its subscriber base stretched to 12 million users in the UAE alone.

As for the operator’s management, due to its ever-growing performance margin in the first nine months, its executive management rose on a fundamental level, with a 49 percent increase in its share capital, led by the completed process of augmenting foreign ownership limit.

“Etisalat Group continued to deliver a steady growth in the third quarter of 2021, demonstrating agility as we address the growing and ever-changing customer needs and market dynamics across our operations,” CEO of Etisalat Group, Hatem Dowidar, said in a statement.

“We remain focused on achieving key strategic priorities that would enable a smarter digital tomorrow while opening new opportunities to engage with business and customers alike,” he added.

In the last few months, a wave of rising senior appointments took place from the company’s part, with a recent appointment of Masood M. Sharif Mahmood as a CEO for UAE operations.

The recently appointed chief currently serves on the boards of Al Yah Satellite Communications Company (Yahsat), the UAE Space Agency, and Etihad Aviation Group.

In parallel, Etisalat Digital also initiated its own agenda by launching a cloud-based Electronic Medical Record platform to enable the Emirates’ healthcare establishments to share data instantly. In addition, Accenture and Orange also partnered up with delivering SMBs and an extensively large client base in the Middle East Oracle cloud solutions across IaaS/PaaS/SaaS.

“We look at the future confidently with a positive outlook for our operations despite the various global macro-economic factors that are reshaping the business environment across our footprint,” Etisalat’s chief stated.

We will continue to channel our efforts towards enabling private and public sectors digital transformation journeys while equipping our operations with the next generation of technologies like AI and robotics to drive efficiency,” he added.