Etisalat Group‘s consolidated net profit grows to AED 8.7 billion

Etisalat’s shareholders have backed the board’s recommendation to pay full-year 2019 dividends of 80 fils per share at its recent Annual General Meeting. Etisalat Group’s consolidated revenues reached AED 52.2 billion while consolidated net profit after Federal Royalty reached AED 8.7 billion an increase of 1% compared to the same period last year.

H.E. Obaid Humaid Al Tayer, Chairman, Etisalat Group said: “Etisalat Group has led the digital transformation by proactively responding to technological advancements and bringing the latest global innovations to nurture creativity. Digital transformation is becoming present in more areas of life, and we have striven to be at the forefront leading it. Our current success is a result of understanding the need our customers have to rely on Etisalat to deliver.

Etisalat Group continued to achieve strong financial performance and maintained its high credit rating (AA-/Aa3) reflecting a proven long-term performance and efforts to provide value to shareholders, which was the drive behind proposing a final dividend of AED 0.8 representing a dividend yield of 5% and dividends payout ratio of 80%.

Al Tayer added, “This was only possible due to a decade of continuous support and vision of the UAE leadership, the loyalty of our customers and the trust of our shareholders. A special thanks to Etisalat management team for their commitment and dedicated work towards the realisation of Etisalat’s vision and strategic goals.”

With the acquisition of Tigo Chad, Etisalat Group is now operating in 16 markets and reaching over 149 million subscribers.