Etisalat Egypt managed to gain revenues of AED 4.033bn in 2016, up by 8% in Egyptian pounds, but down 11% in United Arab Emirates (UAE) dirhams, on the back of the flotation of the pound on 3 November 2016.
According to the company’s financial results, profits in Egyptian pounds grew by 11% in 2016, while they fell in AED by 7%. Total profit before interest and tax amounted to AED 1.5bn.
Etisalat Egypt comes second amongst Etisalat Group subsidiaries in terms of profitability outside the UAE, where the company in Morocco (Maroc Telecom) tops the list with profits of AED 6.2bn in 2016. The company’s subsidiary in Pakistan is ranked third with total profits before tax and interest at AED 1.39bn in 2016.
Moreover, Etisalat Egypt accounts for 19% of the group’s business around the world, which amounts to AED 21.4bn. Etisalat Morocco (Maroc Telecom) is also ranked first here, with a share of 59%, while the business in Pakistan accounts for 19%.
The financial report of the group stated that Etisalat Egypt comes second amongst the most income outside the UAE, after Etisalat in Morocco.
Furthermore, the report noted that the company in Egypt had a client base of 23.4m subscribers at the end of September, with a market share of 24% in Egypt.
A growth in smartphone use contributed to increasing the revenues of mobile internet in 2016, despite the suffering of the local market due to the declining number of subscribers following strict measures initiated by the National Telecommunications Regulatory Authority to curb the number of unknown users.
Emirates’ share amounts to 66% in Etisalat Egypt, while Egypt Post owns 20%. The remaining share of 14% is distributed among UAE and Saudi investors.