First-half sales fall 1.3% at Etisalat despite subscriber growth

UAE-based telco group Etisalat has reported consolidated revenues of AED25.87 billion (USD7 billion) for the first half of 2019, down 1.3% year-on-year. Net profit climbed 3.1%, however, to AED4.44 billion, while consolidated EBITDA was up 2.0% at AED13.34 billion. CAPEX for the first half of the year fell from AED3.43 billion in 2018 to AED3.03 billion this year. The group’s aggregate subscriber total at the end of June 2019 stood at 143 million, a net increase of 2.5 million in twelve months. The rise was attributed to strong growth in Morocco, Pakistan, Saudi Arabia, Mauritania, Burkina Faso, Cote d’Ivoire, Togo and Niger.