UAE-based telco Etisalat has reported a net profit of AED8.69 billion (USD2.37 billion) for full-year 2019, up slightly from AED8.62 billion the year before. Revenues fell marginally, from AED52.39 billion in 2018 to AED52.19 billion last year, while operating profit was also down, falling 6.9% to AED11.80 billion. The declines were attributed to a decrease in revenues from the group’s international operations due to currency fluctuations, as well as a fall in domestic mobile revenues. The company’s full audited financial results will be released later this month.
Meanwhile, rival UAE operator Du has also posted declines in its sales and profits for FY 2019. Revenues dropped 6.2% to AED12.59 billion, while reported net profit was down 1.3% at AED1.73 billion. The firm did highlight, however, that on a like-for-like basis (deducting one-off regulatory costs and the impact of IFRS-16) net profit rose 9.3%.