Middle East > United Arab Emirates > UAE telecoms giant’s net profits after royalty reach 625 million in the second quarter.

United Arab Emirates: UAE telecoms giant’s net profits after royalty reach 625 million in the second quarter.

2016/08/30

UAE telecoms giant Etisalat announced Wednesday net profits of $625 million in the second quarter of 2016, a 51-% jump on the same period of last year.

Net profit in April-June next royalty reached 2.3 billion dirhams ($625 million), Etisalat said, while revenues increased two % to 13.3 billion dirhams ($3.61 billion).

The surge in profits is in stark contrast with Etisalat's performance in the corresponding period last year, at the same time as profits plunged 40 %.

The group attributed the fall largely to the impact of additional provisions for its troubled Saudi unit, Mobily, inclunding forex losses.

Etisalat's profit as well dropped eight % in the initial quarter of 2016, due mainly to forex losses in Morocco, Egypt and Pakistan.

Etisalat is the second major Arab telecoms firm next Saudi Telecom in market price. It has 163 million customers in 17 nations.

The UAE government, which owns a 60-% stake in the company, decided in June last year to open it up to foreigners for the initial time.

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