It confirmed the increase in foreign ownership of its shares ... and the contribution of international investments to its profitability for the first time
Etisalat: The use of "mobile" is declining ... and the home Internet increased by 40% during the "pandemic"
Remote work and study have greatly supported the demand for data and digital services.
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Hatem Dewidar: “(Etisalat) reduced operational costs and expenses during the period of remote work, which contributed to increasing profitability.”
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Etisalat Group reported that the use of mobile phones in the UAE witnessed a decline during the Corona pandemic, in exchange for an increase in the volume of data that is circulated through the use of the home Internet by 40%, indicating that remote work and study supported the demand for data and digital services Significantly.
The CEO of the group, Hatem Dewidar, said during a television interview that “Etisalat” is currently adopting investment in digital companies as a new policy after the pandemic to expand its services to companies and individuals.
Dewidar confirmed that there is an increase in foreign ownership of shares of "Etisalat", pointing out that the international investments of "Etisalat" have become a direct contribution for the first time to increasing the profitability of the group and its revenues.
Digital services
In detail, the CEO of Etisalat Group, Eng. Hatem Dewidar, said that the past period since the beginning of the Corona pandemic witnessed a decline in the use of mobile phones in the UAE, with the growth of the volume of data that is circulated through the use of the home Internet by 40%, indicating that work and study are about Dimension, the demand for digital data and services has greatly supported.
Dewidar revealed that “Etisalat” is currently adopting investment in digital companies as a new policy after the pandemic to expand its services to companies and individuals alike, after it had adopted in the past years geographical expansion, pointing out that geographical expansion is still possible after a full study of the available opportunities in a way that enables “ Communications »from maximizing profits to investors.
He added that “Etisalat” has expanded in providing digital transformation services, cloud computing and cybersecurity, which have witnessed growth during the last period, with the increase in business sectors ’tendency to secure networks, and the demand for cybersecurity services has increased dramatically during“ Corona ”.
The ownership of foreigners
Dewidar pointed out that there is an increase in foreign ownership of shares of "Etisalat", based on money market data, as the company noticed a gradual growth in foreign ownership rates, as well as receiving "Etisalat" many inquiries from foreign investors about the company, especially regarding what It is related to the status of women and environmental protection.
He mentioned that the shares of «Etisalat» are currently included in many of the main global indicators, indicating that raising the percentage of foreign ownership in the listed companies is an important step to attract and increase the proportion of foreign direct investment.
Vaccination
Dewidar said during a television interview with "CNBC" Arabic that it is expected that the vaccination campaigns will positively affect the financial performance of the company during the current year, especially in the UAE, which is one of the most successful and distinguished countries in vaccination campaigns in the world. Vaccination campaigns in the world in general, and in the countries in which Etisalat operates, are achieving a breakthrough in controlling the pandemic, which will be reflected in the economic conditions as a whole.
Distributions
Regarding Etisalat’s provision of exceptional cash distributions to its shareholders for the last period, Dewedar explained that these distributions were intended for the company's stock purchase program, but after the pandemic, the Board of Directors decided to give distributions to shareholders through additional distributions instead of implementing the stock purchase program, indicating that these profits are paid For one time only, and it can happen again exceptionally in the event of additional liquidity and the Board considers it distributed to shareholders.
Cut costs
Dewedar stated that “Etisalat” had reduced operational costs and administrative expenses during remote work in the past period, which contributed to increasing profitability, pointing out that the performance of “Etisalat Group” during the pandemic was distinguished and unlike many companies in the world, where the group was able to achieve Record growth of 3.8%.
plan
Dewidar pointed out that there are main axes that reflected positively on the success of "Etisalat" in the face of the "Corona" crisis, which is the activation of the business continuity and crisis management plan in "Etisalat" with the presence of strong infrastructure in the UAE, as well as the presence of network capacity greater than the network that We need it, and thus Etisalat was able to easily meet the increased demand for its services during the crisis.
International investments
Dewidar said that the international investments of “Etisalat” have become a direct contribution to increasing the profitability of the group and its revenues, after it had previously achieved losses, pointing out that “Etisalat” exited from highly competitive international markets due to its ineffectiveness in achieving profits in the medium and long term.
He revealed that investment is currently being expanded in the African continent through “Maroc Telecom”, while a telecommunications company was acquired in Chad, pointing out that “Etisalat” has reduced its international investments in some regions in a way that enables it to maximize profits for investors.
Invest in Egypt
The CEO of Etisalat Group, Hatem Dewidar, said that investing in Egypt is one of the most successful foreign investments of Etisalat Group, as Etisalat Misr has become the second largest operator in the Egyptian market after achieving rapid and strong growth, and the company has also continued to achieve good financial performance on Despite the unprecedented conditions imposed by the Corona pandemic.
He added that the company's consolidated revenues reached 18 billion Egyptian pounds, while its profits reached 7.4 billion pounds before interest, tax and consumption.
• “Etisalat” is currently adopting investment in digital companies as a new policy after the “pandemic”.
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