The board of directors of the Emirates Telecommunications Company approved the distribution of interim profits of 15 fils per share for the second quarter of 2020, and thus the value of interim profits for the first half of the current year 40 Fils per share.
According to Arabiya Net, Emirates Telecom's quarterly profit increased by 7%, to reach about 2.4 billion dirhams.
The profit growth came due to a 48% decrease in income tax expense, despite an increase in financing costs by 74%.
Quarterly revenue fell 1% to 12.5 billion dirhams.
The value of consolidated communications group revenue during the first half of this year amounted to 25.6 billion dirhams, while its consolidated net profit after deducting the federal concession right amounted to 4.6 billion dirhams, with an annual increase 3%, representing a net profit margin of 18%, according to the consolidated financial results for the first half of the year ending June 30, 2020.
The base of Etisalat subscribers in the UAE during the first half of the year reached 11.8 million, while the total number of Etisalat subscribers reached 146 million, with an annual increase of The rate of 2%, while the total value of interest, tax, consumption and amortization reached 13.2 billion dirhams, resulting in a margin of interest, tax, consumption and amortization that reached 52%.
Obaid Humaid Al Tayer, Chairman of Etisalat Group, said that during the first half of the year 2020, Etisalat managed to perform well, despite the urgent circumstances and challenges the world is witnessing. It affected all industries and sectors, including the telecommunications sector.
He pointed out that Etisalat succeeded in adapting, responding, and showing complete flexibility in interacting with this crisis and in a way that enabled it to continue providing its services to its clients, individuals and institutions alike. With high efficiency and reliability, as was the forerunner in launching several initiatives aimed at serving and supporting the societies in which they are present.
He said: Today we are witnessing an important opportunity to accelerate the process of digital transformation, as the current and exceptional circumstances that the world is witnessing have played an important role in changing customer behavior and motivating them towards relying on digital channels and services , While innovative communications solutions have succeeded in providing the requirements of the stage of social separation and enabling suitable and sophisticated environments for work and distance learning, while reducing the volume of human interaction and increasing the frequency of automation.
On his part, Hatem Dowidar, CEO of Ba ...
