Etisalat’s Q2 net profit up 6%, subscriber base up 2% after Nigerian pullout

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ABU DHABI July 26 – United Arab Emirates-based telecoms operator Etisalat said on Wednesday it posted a 6 percent increase in second-quarter profit from a year earlier. Etisalat, which recently pulled out of Nigeria, made a net profit of 2.2 billion dirhams ($600 million) in the three months to June 30, it said in a statement.

It did not elaborate if this figure was attributable to shareholders and did not provide a year earlier figure with the statement.

Thomson Reuters data showed its net profit atriibutable to shareholders was 2.31 billion dirhams in the same quarter a year earlier.

SICO Bahrain and EFG Hermes forecast a quarterly profit of 2.19 billion dirhams and 2.18 billion dirhams respectively

Etisalat UAE subscriber base reached 12.4 million up 2 percent from a year earlier. Earlier this month, Etisalat terminated a management agreement with its Nigerian arm and has given the business time to phase out the Etisalat brand in Nigeria, the chief executive of Etisalat International told Reuters . Etisalat had a 45 percent stake in the Nigerian business. (Reporting By Stanley Carvalho; Editing by Saeed Azhar)

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