Etisalat Group announces net profit of AED 8.4 billion for 2016, a two per cent increase over 2015.
UAE-based telecoms provider Etisalat Group (profile) has announced its 2016 results, showing a net profit of AED 8.4 billion after federal royalty payment.
Its financial highlights also showed consolidated revenues of AED 52.4 billion, consolidated EBITDA of AED 26.3 billion – representing a 50 per cent margin – and a proposed final dividend payout of 40 fils per share for 2016. The company’s total dividend payout was 80 fils for the full year, with a payout ratio of 83 per cent.
Etisalat Group also said its aggregate subscriber base reached 162 million, and highlighted its global credit ratings of AA-/Aa3 from S&P and Moody’s.
Chairman Eissa Mohamed Al-Suwaidi said: “Etisalat Group continues to strengthen its position as one of the leading operators in emerging markets. In the face of global economic pressure, Etisalat Group has, once again, demonstrated strong performance, evidence of a business that is both robust and resilient.
“In terms of achievements, 2016 was a very important period for the group as we laid foundational steps in our journey towards digital transformation,” he added.
Group CEO Saleh Al Abdooli said: “Etisalat Group is in a stronger position today to seize the opportunities and overcome the challenges of our fast-evolving industry, and move forward with confidence as a leading provider in our operating markets. Our financial results are a testimonial of the group’s resilience and ability to mitigate the pressures arising from the global economic slowdown.
“Etisalat Group has maintained its high ratings with international credit agencies, and is serving a large and strong customer base across its international footprint, with considerable potential to grow further,” he added.
Key Developments for 2016
- Acquired 4G services license in Egypt, 3G in Togo, and universal license in Ivory Coast
- Completed the sale of its shareholding in Canar Telecom in Sudan, as part of portfolio optimization
- Launched a new business unit, Etisalat Digital, that oversees the group’s digital transformation agenda
- Was the first in the region to conduct live 5G trials, and to launch a live and operational telco cloud infrastructure as part of its virtualization plans
- Announced as premier partner for telecommunication and digital services for Dubai Expo 2020
- Delivered integrated smart city project Dubai Parks and Resorts, which opened in 2016
- Launched commercially VoLTE service featuring high definition voice and video browsing
- Expanded its mobile commerce capability with the launch of its new ‘Etisalat Wallet’ service in the UAE