Etisalat results fall short on back of expenditure and more competition

Etisalat has reported an 8.5 per cent decline in first-quarter profit, amid high capital expenditure and greater competition in the UAE market.

Net income for the period was well short of analysts' expectations, falling to Dh1.82 billion (US$495.5 million) from Dh1.99bn during the same period last year.

The group had Dh1.11bn of capital expenditure during the quarter, and said net earnings had been hit by its investment in new networks in the UAE.

"Etisalat heavily invests in the modernising and development of infrastructure in the UAE, as the total cost of building the fibre-optic network has reached Dh6bn, in addition to investments in a 4G network," said Mohammed Omran, the company's chairman.

"These costs have constituted extraordinary pressure on net profits in previous periods but they are considered a long-term investment in the country's economy, while building the latest networks to a global level," he said.

First-quarter revenue stood at Dh8.04bn, 2.2 per cent higher than the same period last year.

Irfan Ellam, a telecommunications analyst with Al Mal Capital, said the first-quarter results were "weak" relative to the fourth quarter of last year.

"Revenues are down quarter-on-quarter by 6.6 per cent, which is not good. Earnings are down 10.3 per cent," he said.

Etisalat reported 7.43 million mobile subscribers in the UAE for the first quarter of this year, compared with 7.71 million in the same period last year.

Part of the reason for the lower revenue in this year's first quarter versus last year's fourth quarter was greater competition in the core UAE mobile market. The telecoms operator "du appears to have gained traction in the UAE mobile space", Mr Ellam said.

Etisalat last month scrapped a $12bn plan to buy a controlling stake in Kuwait's Zain, although some analysts predict the UAE telecoms company could submit a revised bid.

Mr Omran said Etisalat continued to seek potential investments in the Middle East, Asia and Africa.


Final: Dubai Hurricanes v Jebel Ali Dragons
Saturday, 8.15pm, Al Ain Amblers

Semi-final results
Dubai Exiles 20-26 Dubai Hurricanes
Dubai Tigers 32-43 Jebel Ali Dragons

1 Dubai Tigers, 33 points
2 Dubai Exiles, 24 points
3 Dubai Hurricanes, 18 points
4 Jebel Ali Dragons, 14 points
5 Abu Dhabi Harlequins, 14 points

Museum of the Future in numbers
  • 78 metres is the height of the museum
  • 30,000 square metres is its total area
  • 17,000 square metres is the length of the stainless steel facade
  • 14 kilometres is the length of LED lights used on the facade
  • 1,024 individual pieces make up the exterior 
  • 7 floors in all, with one for administrative offices
  • 2,400 diagonally intersecting steel members frame the torus shape
  • 100 species of trees and plants dot the gardens
  • Dh145 is the price of a ticket

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Inside Out 2

Director: Kelsey Mann

Starring: Amy Poehler, Maya Hawke, Ayo Edebiri

Rating: 4.5/5


Engine: 2-litre

Transmission: Eight-speed automatic

Power: 255hp

Torque: 273Nm

Price: Dh240,000


Director: Meshal Al Jaser

Starring: Adwa Bader, Yazeed Almajyul, Khalid Bin Shaddad

Rating: 4/5


Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars

Aquaman and the Lost Kingdom

Director: James Wan

Starring: Jason Mamoa, Patrick Wilson, Amber Heard, Yahya Abdul-Mateen II 

Rating: 2/5


"Whatever the initial intent, what took place at many of these gatherings and the
way in which they developed was not in line with Covid guidance at the time.

"Many of these events should not have been allowed to happen. It is also the case that some of the
more junior civil servants believed that their involvement in some of these events was permitted given the attendance of senior leaders. 

"The senior leadership at the centre, both political and official, must bear responsibility for this culture. 

"I found that some staff had witnessed or been subjected to behaviours at work which they had felt concerned about but at times felt unable to raise properly.

"I was made aware of multiple examples of a lack of respect and poor treatment of security and cleaning staff. This was unacceptable." 


• Enterprise-grade security and privacy

• Unlimited higher-speed GPT-4 access with no caps

• Longer context windows for processing longer inputs

• Advanced data analysis capabilities

• Customisation options

• Shareable chat templates that companies can use to collaborate and build common workflows

• Analytics dashboard for usage insights

• Free credits to use OpenAI APIs to extend OpenAI into a fully-custom solution for enterprises

Mercedes V250 Avantgarde specs

Engine: 2.0-litre in-line four-cylinder turbo

Gearbox: 7-speed automatic

Power: 211hp at 5,500rpm

Torque: 350Nm

Fuel economy, combined: 6.0 l/100 km

Price: Dh235,000

Most Read
Top Videos