Etisalat Group lauded the performance of its international operations in Q4 2020, after the units partly offset the negative impact of the Covid-19 (coronavirus) pandemic on earnings from its home market of the UAE.
In its results statement, the company said revenue from its various international units and interests jumped 8 per cent year-on-year, citing strong performances of Egypt unit Etisalat Misr, Maroc Telecom Group’s international subsidiaries, and its business in Pakistan.
These gains partly counteracted declines in its home operation, as the pandemic continued to limit business activities and caused a general curb on consumer and corporate spending.
Across its business, revenue fell 2 per cent year-on-year to AED13.1 billion ($3.6 billion). Net profit was up 4.3 per cent to AED2 billion, attributed to a “better contribution from associates, lower asset impairment, higher forex gain and lower net finance and other costs” compared with Q4 2019.
Assessing the company’s prospects, Etisalat Group CEO Hatem Dowidar said: “The digital services and international portfolio remain the major drivers for future growth.”
“There is considerable untapped potential and opportunities in the areas of cloud, IoT, and cyber security, which are expected to fuel future digital growth and rebalance telecom revenues.”Subscribe to our daily newsletter Back