Etisalat Group has posted a 10.6 per cent drop in its second quarter net profit to AED2.33 billion (USD634 million) as a result of higher impairment and foreign exchange losses.

Profits attributable to equity shareholders fell 15.2 per cent to AED1.96 billion.

The United Arab Emirates (UAE)-based telco, which now has operations in 17 markets in the Middle East, Africa and Asia following its recent exit from Nigeria, saw revenues fall 3.7 per cent year-on-year to AED12.83 billion, due in part to the depreciation of the Egyptian pound.

Foreign exchange losses for the quarter reached AED267 million, reversing a gain of AED32 million in Q2 2016.

In operational terms, the group had 10.52 million mobile subscribers in its domestic market at the end of June, as well as 1.12 million fixed broadband users.

Its Maroc Telecom division, which has operations in nine African countries, had 55 million customers at the same date, up from 53 million a year earlier.

There was also a slight increase in the subscriber total in Egypt, which climbed by four million to 100 million by 30 June 2017.

The operation in Pakistan, however, saw its user base drop from 23.6 million to 21.5 million in the twelve months to mid-2017.


Author: Yemi Olarinre