Etisalat’s net profit of 9 billion dirhams in 2020 – Economy – Local

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Etisalat Group achieved a consolidated net profit, after deducting the federal franchise, amounting to 9 billion dirhams last year, an increase of 3.8% compared to 2019, while the group’s revenues reached 51.7 billion dirhams as a result of strong growth in international operations, according to the financial results issued by the group , Yesterday.

Distributions

Etisalat stated, in a statement announcing its consolidated financial results for the 12 months ending on December 31, 2020, that the group’s board of directors proposed to distribute profits of 40 fils per share for the second half of 2020, making the total cash dividends distributed for the year 80 fils per share. The Board of Directors also proposed canceling the company’s share purchase program, as it instead proposed an additional one-time dividend of 40 fils per share, thus bringing the total proposed dividend distribution per share to 1.20 dirhams for the year. The consolidated profit before interest, tax, depreciation and amortization amounted to AED 26.4 billion, with an annual increase of 0.3%, resulting in a EBITDA margin that reached 51.1%.

Subscribers

Etisalat’s subscriber base in the country reached 12.2 million, while the total number of Etisalat Group subscribers reached 154 million, with an annual increase of 3.6%.

rating

Both the credit rating agencies “Standard and Poor’s Global” and “Moody’s” confirmed the high credit rating of Etisalat Group, of (AA- / Aa3). Etisalat was the strongest brand in the Middle East and Africa region during the past year, while its brand portfolio was the most valuable in the telecom sector in the region for the fifth year in a row. Etisalat has also fully acquired the “Help AG” company, a leading provider of cybersecurity services and solutions.

flexibility

The Chairman of Etisalat Group, Obaid Humaid Al Tayer, said, “As (Etisalat) continues its march towards the digital future and its empowerment, the year 2020 will be a true testament to the company’s flexibility and speed in dealing with the exceptional and unprecedented circumstances that the world is witnessing.”

He added that “despite the global impact of the (Corona) pandemic, (Etisalat) has shown good performance, driven by a future vision of the necessity to accelerate digital transformation, innovation and increase digital readiness, and in the manner in which it ensures that the societies it serves remain connected and more productive.”

Immediate steps

Al Tayer emphasized that “Etisalat was keen during the pandemic to work side by side with governments and official bodies in the countries in which it is located, as it hastened to take immediate steps through which it succeeded in providing pioneering, innovative and high-quality digital services to its customers from individuals, companies and important sectors in a continuous and sustainable manner. Without interruption, it also launched many innovative and free offers and initiatives that helped students, companies and various segments and spectrums of society to face the effects of the pandemic and mitigate its effects.

A pivotal role

In turn, the CEO of Etisalat Group, Eng. Hatem Dewidar, said that “Etisalat’s journey during the year 2020 was a transformative one that coincided with the unprecedented circumstances of the pandemic, which reshaped people’s lives and behavior, and played a pivotal role in imposing a new reality that contributed to reducing the digital divide. And speed up the process of reaching the digital future ».

He added, “Despite those conditions that the world has witnessed, 2020 for (Etisalat) was a year of flexibility, adaptation, and the advancement of social responsibility, and unlike many companies, it was a year of good results as well, which strengthened the status of (Etisalat) as one of the largest companies. Global communications excel and leadership ».

confidence

Dewedar expressed his confidence in the Group’s capabilities to face the various challenges in the telecommunications industry and to remain in a strong position, compared to its global counterparts, stressing the pursuit of qualitative successes, by focusing on many important strategic priorities.

Community initiatives

Etisalat launched several initiatives to support society during the Corona pandemic, so that more than 10 million mobile subscribers in the UAE would have free browsing in 800 websites from the education, health and safety sectors, as well as providing free access to applications and platforms to support the initiative. Distance education and government services, in addition to providing free access to the unified virtual business platform (CloudTalk Meeting) to ensure business continuity and not be affected.


Etisalat’s subscriber base in the country has reached 12.2 million.

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