Etisalat profit amounts to Dhs8.44b in 2017

15/02/2018 05:34 AST

Etisalat Group announced the preliminary result of financial performance for the the year ended 31 December 2017.

Etisalat Group consolidated profit attributable to the equity holders of the company amounted to Dhs8.44 billion, exhibiting an increase of Dhs0.02 billion in comparison to the corresponding period in the prior year.

The consolidated revenue for Etisalat Group for fiscal year 2017 amounted to Dhs51.7 billion, representing a year on year decline of 1.33 per cent (Dhs0.7 billion). This is mainly attributed to the impact of unfavoura,ble exchange r.ate movements in Egyptian pound against dirham. Elisalat UAE revenue increased year on year by 2.8 per cent as a result of growth in the subscriber base in the mobile postpaid and eLife segments, higher demand for mobile and fixed data services, and increased offering of business solutions, digital and ICT services.

Etisalat has recently launched a physical platform aimed at assisting small and medium-sized enterprises (SMEs) by easing the process of setting up their businesses and kick-starting their operations in the UAE.

Hello Business Hub in One JLT, Jumeirah Lake Towers, offers services beyond telecommunications, such as company setup and registration.

It also includes services ranging from banking and insurance to office leasing and furniture, as well as telecom products and services from Etisalat.

The launch comes in line with industry reports that estimate over 100,000 new businesses will open in the UAE over the next three years, with initiatives such as the World Expo 2020 driving the development of the SMB segment.

Esam Mahmoud, acting senior vice president of Small and Medium Businesses at Etisalat said SMEs are important contributors to the UAE's economy, and are set for further growth with the digital evolution.

The Gulf Today