The profits of the Emirati Etisalat Group increased by 4%, which amounted to 9.03 billion dirhams in 2020, compared to a 3.76% increase of 8.7 billion dirhams in the corresponding period with 2019,
Consolidated revenues of the group were 51.7 billion dirhams for the year 2020, down 0.9%, compared to the previous year.
According to Arabnet, the company said in a statement that in the last quarter, profits rose by 4% to reach 2.05 billion dirhams. The results were below analysts' expectations, which were at 2.39 billion dirhams.
This is mainly attributed to the Coronavirus pandemic, which has led to temporary closures, restrictions on movement and travel bans, which have led to a decline in commercial activities in most markets that have negatively affected revenues.
