Etisalat’s prelim results post Dh9.03 billion 2020 net profit

Dubai: Etisalat, the UAE’s leading telecom operator reported a net profit of Dh9.03 billion for 2020, in its preliminary result filed on the Abu Dhabi Securities Exchange website.

The net profits are up 3.8 per cent in 2020 despite a marginal year on year decline in revenue.

The consolidated revenue for Etisalat Group for the year 2020 amounted to D 51.71 billion, representing a year on year slight decrease of 0.9 per cent.

“This is mainly attributable to COVID-19 pandemic that resulted in temporary lockdown, restricted mobility and travel ban resulting in reduced activities in most of our markets that negatively impacted revenue,” Etisalat said.

These are the preliminary results and the audited financials for the 2020 and the fourth quarter will be disclosed on February 22.

Last week, telcom operator  du reported a 16.7 per cent drop in full-year net profit to Dh1.4 billion. Its total revenue for the year decreased almost 11 per cent to Dh11.1 billion.