Etisalat announced yesterday its consolidated financial results for the third quarter of 2014, showing an increase in year-on-year consolidated revenues and subscribers in both the U.A.E. and its international markets.
The company's consolidated net profit after Federal Royalty increased by 22 percent year-on-year to Dh2.2billion in Q3 2014, while quarterly consolidated revenue amounted to Dh13.2 billion, an increase of 38 percent year-on-year.
In the U.A.E., the revenues of Dh6.8 billion for the third quarter of 2014 were 10 percent higher than the third quarter of 2013. International consolidated operations substantially increased its share in revenue year-on-year by 89 percent, mainly due to the consolidation of Maroc Telecom. As a result, the proportion of revenues generated internationally increased to 48 percent, up from 35 percent in the third quarter of 2013, the company said in its financial results released yesterday.
Commenting on the results, Ahmad Abdulkarim Julfar, Chief Executive Officer of Etisalat Group, said, "We have achieved another remarkable financial quarter by keeping our focus on delivering innovative products and services throughout our local and international operations. The continued growth in our customer base is an endorsement by consumers that we are meeting and exceeding their expectations." "By consolidating our position, and differentiating ourselves through innovation, customer experience and digital services, we have continued to grow in our home market, but we are also increasing our foothold and profitability in international markets. We are confident that the projected growth coming from our international operations will continue to grow on track to contribute at least 50-percent of our overall revenues." He added, "We will continue to expand our service offering throughout our markets in order to diversify our revenue base and cement our regional leadership position. Africa remains an important strategic region for our business; we see incredible opportunity for growth as markets continue to develop and flourish. In the Kingdom of Saudi Arabia, we are entering a transformation phase with Mobily that we are confident will further add to our future growth and the strength of our offering throughout the Kingdom." Etisalat Group has said that its aggregate subscriber base grew to 180 million by the end of September 2014 representing year-on-year growth of 25 percent. In the U.A.E., the active subscriber base grew to 10.8 million in September 2014, representing year-on-year growth of 6 percent.