UAE’s Etisalat net profit up 22 percent in Q3

29 Oct 2014

(MENAFN) UAE’s Etisalat reported it has registered a 22 percent increase in its net profit for the July-September period of this year due to an increase in its domestic income, lower taxes and the firm’s takeover of Maroc Telecom, Arabian Business reported.

The United Arab Emirates’ former telecom monopoly, which operates in 19 countries across the Middle East, Africa and Asia, said it has registered a net profit of USD598.97 million during the third quarter of this year, compared to USD498.09 million during the same period last year, while quarterly revenue reached USD3.59 billion during this year’s third quarter, an increase from USD2.61 registered in revenue during the same period in 2013.

During the third quarter, domestic revenue also posted an increase, rising by 10 percent to USD1.85 billion, while the international units of the company generated 48 percent of the group’s overall revenue came, which is up from 35 percent it generated during the corresponding period of last year and came as a result of Etisalat buying a 53 percent stake in Maroc Telecom for USD5.26 billion earlier this year.

“Etisalat’s international operations will account for at least 50 percent of group revenue in the future with Africa remaining an important strategic region for our business,” Etisalat Chief Executive said.

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