Etisalat registers 1.3% drop in sales in 2017

UAE-based Etisalat Group has reported a 1.3% drop in annual revenue for 2017 to AED51.67 billion (USD14.07 billion), down from AED52.36 billion the year before. The negative result was mainly due to ‘unfavourable exchange rate movements’ in the Egyptian pound against the UAE dirham, the company said. Operating profit dropped from AED12.02 billion to AED11.41 billion, though net profit climbed 0.2% to AED8.44 billion. Etisalat Group has operations spanning 17 countries in the Middle East, Africa and Asia.