Etisalat Reports AED9 Billion Net Profit In 2020
Mohammad Ali (@ChaudhryMAli88) Published February 23, 2021 | 12:15 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 23rd Feb, 2021) Etisalat Group announced on Tuesday 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 programme 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 specialising 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, organisations, 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."
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago