Etisalat reveals $2.4bn annual profits for 2019 - Arabianbusiness:
UAE telecommunications giant Etisalat has announced an AED8.7bn ($2.4bn) profit for 2019.
The one percent increase on the previous year has been attributed to exploring new growth opportunities and the company’s transition to digitalisation.
Obaid Humaid Al Tayer, chairman, Etisalat Group, said: “It has become clear that the paradigm shift in the telecom industry is now in full force. Digital transformation is becoming present in more areas of life, and we have striven to be at the forefront of delivering it.”
Consolidated revenues for the year reached AED52.2bn ($14.2bn; consolidated EBITDA amounted to AED26.4bn ($7.2bn), representing an increase of two percent year-on-year and resulting in an EBITDA margin of 51 percent.
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