Etisalat’s 2020 net earnings rises 3.8% to Dh9bn

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Etisalat, the UAE's major telecom operator, reported a good 3.8 per cent annual upsurge in net profit in 2020 despite a marginal decline in revenue.

Net profit due to equity holders in the 12 weeks ended December 31 rose to Dh9.03 billion, in comparison to Dh8.69bn a year earlier, the business said in a affirmation on Sunday to the Abu Dhabi Securities Exchange, where its shares trade.

Revenue during the period decreased 0.9 % to Dh51.7bn.

“This is mainly attributable to Covid-19 pandemic that led to non permanent lockdown, restricted mobility and travel ban leading to reduced activities in almost all of our markets that negatively impacted revenue,” Etisalat said.

These are the preliminary benefits and the audited financials for the 2020 and the fourth quarter might be disclosed in February 22.

Etisalat, which had a monopoly found in the UAE until the country's second telecoms operator du entered the marketplace in 2007, said its operating profit increased 10.3 % annually to more than Dh13bn last year.

The company's earnings per share grew slightly to Dh1.04 found in 2020 from Dh1 a good year earlier.

Last month, Etisalat elevated its overseas ownership cap to 49 % from 20 % to attract more exterior investors.

Using its headquarters in Abu Dhabi, Etisalat was established over four decades ago in the UAE. It provides providers to 149 million clients in 16 countries over the Middle East, Asia and Africa.

Sixty % of the business is owned by Emirates Purchase Authority, while the remainder is floated on the ADX.

In December, Etisalat appointed Hatem Dowidar as its latest group chief executive following its long serving leader Saleh Al Abdooli stepped down for personal reasons. Mr Dowidar have been serving as performing chief executive since May and was previously mind of the company’s overseas business.

The other day, competitor du reported a 16.7 % drop in full-year net earnings to Dh1.4bn. Its total earnings for the entire year decreased almost 11 % to Dh11.1bn.
Source: https://www.thenationalnews.com

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