Etisalat reports AED9 billion net profit in 2020
Etisalat Group announced on Tuesday, 23 February that its twelve month ending 31st December, 2020, consolidated revenues reached AED51.7 billion, while consolidated net profit after Federal Royalty amounted to AED9 billion, an increase of 3.8 percent compared to last year.The Group’s Board of Directors proposed dividend payout of 40 fils per share for the second half of 2020, representing a total dividend payout of 80 fils for the full year.
The Board also proposed cancellation of the share buyback program and instead proposed a one-time special dividend of AED0.40 per share. As a result, the total dividend per share for the full year 2020 is AED1.20. Consolidated EBITDA amounted to AED26.4 billion, representing a year over year increase of 0.3 percent and resulting in EBITDA margin of 51.1 percent.
In the UAE, the subscriber base reached to 12.2 million subscribers, while Etisalat Group aggregate subscribers reached 154 million subscribers representing a year on year increase of 3.6 percent. Credit Ratings by agencies S & P Global and Moodys affirmed Etisalat Group’s high credit rating at AA-/Aa3 with stable outlook. Etisalat completed the acquisition of Help AG, a privately held regional company specializing in the delivery of cyber security solutions and services.
Commenting on the results, Obaid Humaid Al Tayer, Chairman of Etisalat Group, said, “As we begin our journey into a new digitally empowered future, 2020 was a true testimony to Etisalat Group’s resilience and agility. “Despite the unprecedented global impact of the COVID-19 pandemic, Etisalat demonstrated robust financial performance, driven by our bold vision to constantly innovate while ensuring that communities we serve remain connected, informed and productive.
“We engaged heavily with governments and authorities while supporting the community with innovative offerings and free initiatives that assisted students, organizations, and societies as a whole. During the year, revenue and net profit growth were witnessed in our international markets while the domestic market experienced a decline in both due to the pandemic and market maturity.”