UAE- Etisalat Group reports rise in revenues for first quarter of 2016

ABU DHABI 26th April 2016 (WAM) -- Etisalat Group today announced its consolidated financial statements for the three months ending 31st March 2016 registering a rise in revenues to AED12.9bn.

Saleh Al Abdooli Chief Executive Officer of Etisalat Group said "Etisalat's first quarter results are a continuation of the strong performance the company has achieved over the years. Despite a challenging set of circumstances facing the telecoms industry today Etisalat Group continues to deliver strong performance and value for its shareholders and customers."

He continued "The telecommunication industry today is notable by a dynamic that is evolving very rapidly. In order to maintain our long-term growth and track record of performance and achievement moving forward we must ensure we remain fit-for-purpose. This means delivering the innovative solutions necessary to sustain and further enhance our position as a leading operator in emerging markets. Innovations such as the Internet of Things and the Cloud as well as vertical digital solutions are no longer vague concepts but are the basis of an exciting and prosperous future that will determine our long-term profitability.

"As the world changes so must we as a company. The most effective businesses never stand still. They continually adapt to ensure long-term success. The current internal re-structuring of Etisalat Group is best business practice designed to accelerate its strategic implementation improving and enhancing overall performance optimising efficiency and improving operating model effectiveness enhancing our customer experience and further optimising OpCos (operating company) networks and platforms synergies as well as accelerating the launch of digital services.

"Our history is distinguished by bold yet prudent decisions which have enabled us to grow and develop. We will use our experience and expertise which has proved the foundation for our success to provide added value for our shareholders and continue to deliver the innovative services our customers demand and require" he added.

Etisalat Group's consolidated revenue for the first quarter of 2016 was AED 12.9 billion with growth of 1% in comparison to the same period last year. In the UAE revenue in the first quarter grew year on year by 1% to AED 7.3 billion and 6% quarter over quarter. Maroc Telecom Group consolidated revenue for the first quarter of 2016 amounted to AED 3.1 billion revenue grew year-on-year by 7%.

Aggregate subscriber base reached 165 million subscribers. In the UAE the active subscriber base grew to 12.0 million subscribers in the first quarter of 2016 representing year-on-year growth of 6 %. For Maroc Telecom Group the subscriber base was 53.1 million customers at the end of the first quarter of 2016 representing a year over year growth of 3%.

Consolidated Group EBITDA for the first quarter totalled AED 6.4 billion resulting in EBITDA margin of 50%. In the UAE EBITDA in the first quarter of 2016 was AED 3.9 billion leading to an EBITDA margin of 53%. Maroc Telecom's consolidated EBITDA for the first quarter of 2016 amounted to AED 1.6 billion resulting in EBITDA margin of 50%. In local currency EBITDA in absolute terms increased by 5%.

Consolidated Group net profit after Federal Royalty reached AED2 billion in the first quarter of 2016.