Etisalat Group Publishes Q3 2015 Financial Results

Abu Dhabi - MENA Herald: Etisalat Group today announced its consolidated financial statements for the three months ending 30 September 2015.

• Ownership of Etisalat share by foreign investors and local institutions became effective on 15 September 2015.
• Etisalat’s legal name changed to Emirates Telecommunications Group Company PJSC, but continue to be known as Etisalat Group.
• Etisalat UAE implemented a fixed-network infrastructure sharing in the UAE.
• Maroc Telecom Group launched 4G+ commercial services in Morocco.
• Mauritel renewed its 2G license for another 10 years in Mauritania.
• Etisalat Group launches the first Internet of Things application platform in MENA region.
  Etisalat Group and Wikimedia Foundation announce collaboration on education initiative to offer free access to Wikipedia
• Etisalat Group completed the sale of its 85% shareholding in Zanzibar Telecom limited (Zantel)
• Etisalat Group named as the “Dream Company to Work For” at the 6th edition of Asia’s Best Employer Brand Awards      

Ahmad Julfar, Etisalat Group Chief Executive Officer, commented: “Etisalat Group is in a strong position to meet the challenges of the fast-evolving telecommunication sector and move forward with confidence to provide greater value for our shareholders and meet the aspirations of our 170 million customers across our international footprint. Through careful investment and the leveraging of decades of experience and expertise, Etisalat Group is well-placed to deliver the advanced and innovative solutions that will be the key to generating future growth and profitability.”   

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He continued: “In the UAE we have created a world-class telecommunication infrastructure that is well-ahead of any other country in the region and we will continue to invest in that infrastructure so we deliver the vision and goals of the UAE Government, such as being the first country in the world to have the fifth generation of mobile technology.”

“The Group’s experience of delivering large-scale projects and extensive ICT skills allows us to provide a value proposition for the digital age, which is end-to-end, scalable and innovative, and positions Etisalat Group firmly as a capable partner for driving economic growth within the markets in which we operate.”

He added: “Etisalat Group continues to capitalise on the opportunities we see for growth, but there are also clear challenges ahead for the telecommunications sector. Consumer behaviours and new technologies – and uses for those technologies – are rapidly changing the telecommunications industry. Etisalat Group’s concerted focus is to lead that change. The future will be bright for those who adept and invest today in what consumers will demand tomorrow.”

• In the UAE, the active subscriber base grew to 11.6 million subscribers in the third quarter of 2015 representing a year on year growth of 7% .
• In the UAE, mobile subscriber base grew year on year by 9% to 9.7 million subscribers representing a net addition of 782 thousand while postpaid segment grew by 298 thousand subscriber, representing year on year growth of 21%.
• In Maroc Telecom Group, the subscriber base was 50.7 million customers at the end of the third quarter of 2015, representing a year over year growth of 29%.
• Nigeria continues to evidence strong subscriber growth with year over year growth of 18% to 23 million.
• Etisalat Group aggregate subscribers reached 170 million.

• In the UAE, revenue in the third quarter grew year on year by 6% to AED 7.2 billion.
• Maroc Telecom Group consolidated revenue for the third quarter of 2015 amounted to AED 3.2 billion.   In local currency revenue grew year over year by 22% .
• Etisalat Group’s consolidated revenue for the third quarter of 2015 was AED 13.0 billion with a decline of 1% in comparison to the same period last year. This performance is attributable to unfavourable exchange rate movements and competitive environment in selected markets.

• In the UAE, EBITDA in the third quarter of 2015 was AED 4.1 billion increasing year-over-year by 7% leading to an EBITDA margin of 58%, up by 1 point.
• Maroc Telecom Group’s consolidated EBITDA for the third quarter amounted to AED 1.6 billion, leading to an EBITDA margin of 51%. In local currency, EBITDA increased year over year by 9%.
• Group Consolidated EBITDA for the third quarter of 2015 decreased by 5% to AED 6.7 billion while EBITDA margin decreased 2 points to 51% year on year. EBITDA was impacted by higher regulatory charges and higher interconnection costs.

• Consolidated net profit after Federal Royalty decreased year over year by 9% to AED 1.9 billion in the third quarter of 2015. The decline in net profit after Federal Royalty is mainly attributed to higher depreciation and amortization charges, incurring higher forex losses during the period and higher Federal Royalty charges. Compared to the second quarter of 2015, net profit after Federal Royalty was up 27%.

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