Etisalat chief reflects on “positive change” - Mobile World Live

Etisalat chief reflects on “positive change”

28 JUL 2016

Etisalat CEO Saleh Al Abdooli said the company’s restructuring, which was announced earlier this year, was finalised during the second quarter of 2016.

The aim of the process was “to help the delivery of our strategic objectives and enhance overall performance”, he said.

The new chief, who came on board at the end of March, reflected: “While the industry is renowned for the speed of change, Etisalat is also under going positive change.”

His comments came as the company reported a 2 per cent growth in second-quarter revenue to AED13.3 billion ($3.6 billion). This was mainly attributed to domestic operations and the performance of Maroc Telecom, and was impacted unfavourably by foreign exchange fluctuations, mainly in Egypt and Pakistan, as well as some fierce competition in certain markets.

In the UAE, revenue increased year on year by 3 per cent to AED7.7 billion. The performance was the result of a growing subscriber base, coupled with the launch of new services and bundles to both consumers and enterprises.

The performance of Etisalat’s international consolidated business disappointed with a 1 per cent fall in revenue to AED 5.5 billion.

Consolidated net profit after Federal Royalty payment increased year on year by 51 per cent to AED2.3 billion. The increase in profit was the result of lower finance costs, a foreign exchange gain during the period against a loss in the year ago quarter, as well as a lower Federal Royalty payment and a lower share of results from associates and discontinued operations.

The gain was partly offset by an increase in depreciation charges and taxation.

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Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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