Telecom Top Stories

Etisalat’s subscriber base dropped in 2020

Etisalat’s subscriber base last year slumped 3 percent to 12.2 million in Q4.

The Emirates has witnessed a drop in telecom subscribers by hundreds of thousands in 2020 as the pandemic battered its economy. The country’s telecom major Etisalat’s subscriber base last year slumped 3 percent to 12.2 million in Q4. Furthermore, the telecom’s mobile subscribers have also dropped 4 percent y-o-y to 10.4 million due to a downturn in the prepaid space.

It is reported that Etisalat’s operations were battered by the pandemic in 2020, recording a slump in the prepaid and roaming mobile services including a weak sale of mobile phones. The company ended 2020 with a positive note as it recorded a 3.8 percent growth in its y-o-y net profit to $2.4 billion. Etisalat has also floated a one-time dividend of DH 0.4, bringing the total dividends for 2020 to DH 1.20 per share.

However, the company indicated that macroeconomic risks will be still a threat to the company during the first half of this year, despite improvement in the company’s performance.

Group chairman Obaid Humaid Al Tayer, told the media, “Despite the unprecedented global impact of the COVID-19 pandemic, Etisalat demonstrated robust financial performance, driven by our bold vision to constantly innovate while ensuring that communities we serve remain connected, informed and productive. Etisalat Group is well positioned for the future and we are confident in our ability to maintain our exceptional performance.”

Major global telecom majors have been walloped by the pandemic like Etisalat. Etisalat will be expecting to rebound this year.

Related posts

SRC issues fresh sukuk to foster Saudi housing sector

GBO Correspondent

ADB to finance 144 MW wind projects in Vietnam

GBO Correspondent

Brazil-based insurtech Justos raises $35.8 mn to improve auto insurance process

GBO Correspondent