UAE telecom operator Etisalat said that its third quarter net profit after royalty was up 22 per cent to Dh2.2 billion, as it added subscribers on the back of the Maroc Telecom consolidation.
In a statement to the bourse, Etisalat said that its consolidated revenue for the quarter was at Dh13.2bn, representing a 38 per cent increase year-on-year.
However, Etisalat net profit missed analyst forecasts. Beltone expected Etisalat to post a net profit of Dh3.3 billion in the third quarter, while Bahrain based-Sico forecast a net profit of Dh2.7bn.
“Etisalat Group aggregate subscriber base grew to 180 million by the end of September 2014, representing a year-on-year growth of 25 per cent and quarter-on-quarter decline of 1 per cent,” Etisalat said in the statement.
“The group reported net additions of 36 million subscribers during the last 12 months as a result of the consolidation of Maroc Telecom,” it added.
In the last quarter Etisalat recognised only six weeks of Maroc Telecom operations, after it finalised the deal in May.
In the UAE market, Etisalat’s subscriber base grew to 10.8 million in September, a 6 per cent increase year-on-year. However, subscribers in the country declined 4 per cent quarter-on-quarter on the back of the UAE’s regulator campaign “my identity, my number”.
Etisalat local competitor Du reported a net profit of Dh559 million yesterday, representing an 18 per cent increase year-on-year.
selgazzar@thenational.ae
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