Etisalat Reports 10.8% Growth in First Nine Months of 2023

Etisalat, the United Arab Emirates' integrated telecommunications company, reported a net profit of 2.4 billion dirhams (approximately $653 million) for the first nine months of 2023. This figure represents a 10.8% increase compared to the same period last year.

The company's revenue for the nine-month period was 14.5 billion dirhams. This figure represents a 2.4% increase from the same period in 2022, when revenue was 14.17 billion dirhams.

Etisalat's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the period were 5.9 billion dirhams, marking a 3.2% increase from the 5.72 billion dirhams reported in the same period last year.

The company's capital expenditures for the nine-month period were 2.8 billion dirhams, a 16.3% increase from the 2.41 billion dirhams spent in the same period last year.

Etisalat's total assets as of the end of September 2023 were 71.2 billion dirhams, up from 69.8 billion dirhams at the end of 2022.

Etisalat's customer base grew by 1.2% to 151 million users, with a 1.4% increase in mobile users to 144 million.

Etisalat's board of directors proposed a cash dividend of 0.55 dirhams per share for the third quarter of 2023.

CONTEXT: Etisalat's growth in the first nine months of 2023 reflects the company's successful strategies in expanding its customer base and increasing revenue. The company's investments in infrastructure and technology, along with its focus on digital transformation, have contributed to its strong financial performance.