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Etisalat Annual Consolidated Revenues For 2015 Increase By 7% To AED 51.7 Billion
(10 March 2016)

 

Etisalat announced today its consolidated financial statements for the 12 months ending December 31st 2015. The board proposed a final dividend payout of 40 fils per share for 2015, representing a total dividend payout of 80 fils for the full year.

Etisalat Group’s consolidated revenue for the fourth quarter of 2015 amounted to AED12.7 billion while full year consolidated revenue increased by 7% to AED 51.7 billion.

In the UAE, revenue in the fourth quarter reached AED 6.9 billion while the full year revenue increased by 6% to AED 28.8 billion. Maroc Telecom consolidated revenue for the fourth quarter of 2015 amounted to AED 3.1 billion representing year-on-year growth of 6%.

Etisalat Group aggregate subscribers as at 31st December 2015 reached 167 million. In the UAE, the active subscriber base grew to 11.6 million subscribers in the fourth quarter of 2015 representing year-on-year growth of 6%, while for Maroc Telecom, the subscriber base reached 50.8 million customers as at 31st December 2015, representing a year over year growth of 26%. The Nigeria subscriber base grew to 22.2 million as at December 2015, representing year-on-year growth of 5%.

Group Consolidated EBITDA for the fourth quarter of 2015 increased by 19% to AED 6.5 billion while EBITDA margin increased 10 points to 51% year-on-year.

In the UAE, EBITDA in the fourth quarter of 2015 was AED 3.9 billion increasing year-over-year by 10% leading to an EBITDA margin of 56% in comparison to 51% in the previous year.

Consolidated net profit after Federal Royalty increased year-on-year by 10% to AED 2.6 billion in the fourth quarter of 2015 resulting in higher profit margin of 3 points to 21%.

Full year net profit reached AED 8.3 billion resulting in profit margin of 16%.

Earnings per share (EPS) amounted to AED 0.3 in the fourth quarter of 2015 and AED 0.95 for the full year of 2015.

Speaking on the financial report, Etisalat Chairman, Eissa al-Suwaidi, said, "2015 proved to be another year of achievement for Etisalat as we consolidate our position as the leading operator in emerging markets. Increases in revenues and maintaining strong performance, despite the global challenges facing the telecom sector, is evidence that we continue to provide value to our shareholders and customers. As we prepare to enter our fifth decade as a company, we remain in a strong position to realise the opportunities that will come with the digital transformation the world is undergoing. As a result of our experience and our investment in innovation, Etisalat Group is well-placed to go from strength-to-strength as we continue to move forward.

"I want to praise the Government’s continued support and for allowing institutional and foreign ownership of Etisalat’s equity in 2015. This landmark decision will have a positive impact both on Etisalat’s shareholders and the Stock Exchange. I also want to thank the wise leadership for supporting the telecommunications sector. Etisalat is fully behind the Government’s drive to establish the UAE as a leader in the telecommunications sector, with the launch of a bit stream agreement with du indicative of an industry united in delivering the best for the United Arab Emirates within a healthy competitive environment.

"With the unwavering support of the leadership and our shareholders, along with the commitment of our world-class employees and the loyalty of our millions of customers, I am in no doubt that 2016 will continue the pattern of long-term, sustainable success that is the hallmark of Etisalat Group.

"Mr. Ahmad Julfar has presented his resignation as the Chief Executive Officer of the Group for personal reasons. The board accepted his resignation and appointed Mr. Hatem Dowidar as Acting CEO.

"I would like to thank Mr. Julfar for his contribution to the achievements of Etisalat Group and the leadership he has shown throughout his tenure. Myself and the board also want to thank Mr. Julfar and wished him the very best for his future."

Hatem Dowidar, Group Acting Chief Executive Officer, Etisalat, commented, "First I would like to thank Mr. Ahmad Julfar for his great contribution. His progressive vision has helped build Etisalat Group into what it is today. I also want to thank the board for entrusting me with the responsibility of Acting Group CEO in this important period. I will be working over the next 3 months with the board to further optimise the group structure.

"The world today is in the process of rapid change. We are witnessing a digital revolution that has the mobile phone at its centre; a constant in all our lives. This places the telecom industry at the heart of change as an enabler of this exciting future. However, to be able to benefit from it, we need to be at the forefront of progress today. We can only realise the opportunities that are before us by investing today in the innovative solutions that will create the new revenue streams and business environment of tomorrow. Growth in the future will only materialise if we provide the innovative solutions that help governments, businesses and individuals maximise the potential that technology envisages, meeting both today’s and tomorrow’s needs.

"The future of the global telecom industry is full of challenges and opportunities. Whether it is unlocking new technologies, reforming an outdated regulatory framework or dealing with complex global market issues, Etisalat remains in a strong position to make real the opportunities that the digital transformation has to offer. As a result of four decades of delivering large-scale projects, we have the assets and skills to provide a value proposition for the digital age, and position Etisalat Group firmly as a capable partner for driving economic growth within the markets in which we operate.

"I am confident that the foundation of solid, long-term performance, combined with our experience and expertise, will ensure that Etisalat Group continues to deliver value to its shareholders and customers. Such confidence is reinforced by the unwavering support of the UAE Government and our shareholders, along with the loyalty of our millions of customers. And I am in no doubt that we are up to the task of maintaining the impressive record of success that has been our hallmark over the past forty years well into the future."

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