UAE telecoms giant Etisalat posts $656m profit in Q3
Net profit rises 6% for Etisalat Group during July and September compared to year-earlier period
Telecoms giant Etisalat on Thursday reported consolidated net profits of AED2.41 billion ($656 million) for the third quarter 2020, a 6 percent growth over the corresponding quarter of 2019.
The company said it generated revenues of AED38.64 billion in the January-September period of 2020, down 0.5 percent from AED38.85 billion in the year-ago period.
Aggregate subscribers reached 149 million, representing a year on year increase of 1 percent.
Hatem Dowidar, acting CEO of Etisalat Group, said in comments published by state news agency WAM: "Etisalat’s performance in the third quarter exemplifies resilience in these uncertain times the world is going through."
Etisalat previously reported a three percent rise in net profit to AED4.6 billion for the first six months of 2020, despite the onset of the Covid-19 pandemic, with the company accelerating its digital offering.
Etisalat Group CEO Saleh Al Abdooli resigned from his position “for personal reasons” in May and was replaced by Dowidar, previously the CEO International of Etisalat, on an acting basis.
The company said it generated revenues of AED38.64 billion in the January-September period of 2020, down 0.5 percent from AED38.85 billion in the year-ago period.
Aggregate subscribers reached 149 million, representing a year on year increase of 1 percent.
Hatem Dowidar, acting CEO of Etisalat Group, said in comments published by state news agency WAM: "Etisalat’s performance in the third quarter exemplifies resilience in these uncertain times the world is going through."
Etisalat previously reported a three percent rise in net profit to AED4.6 billion for the first six months of 2020, despite the onset of the Covid-19 pandemic, with the company accelerating its digital offering.
Etisalat Group CEO Saleh Al Abdooli resigned from his position “for personal reasons” in May and was replaced by Dowidar, previously the CEO International of Etisalat, on an acting basis.
