Etisalat Group, the UAE's biggest telecom operator, said revenues and net profit increased in the third quarter of 2021, prompting the Abu Dhabi-based company to improve its full-year guidance across all financial indicators.
Consolidated revenue in the three-month period to the end of September rose 2 per cent to Dh13.3 billion ($3.6bn) and consolidated net profit after federal royalty increased 1 per cent to Dh2.4bn year-on-year, it said in regulatory filing to the Abu Dhabi Stock Exchange, where its shares are traded. The company's UAE subscriber base reached 12 million, while aggregate subscribers improved 4 per cent to hit 155.4 million.
For the first nine months of 2021, revenue rose 2.8 per cent to Dh39.73bn ($10.8bn), while profit increased 2.9 per cent to Dh7.18bn ($1.95bn).
"Etisalat Group continued to deliver a steady growth in the third quarter of 2021, demonstrating agility as we address the growing and ever-changing customer needs and market dynamics across our operations. We remain focused on achieving key strategic priorities that would enable a smarter digital tomorrow while opening new opportunities to engage with business and customers alike," Hatem Dowidar, Etisalat group chief executive, said in a statement.
Etisalat's performance was supported by its continued investments in next-generation technologies such as artificial intelligence and robotics, as well as on its proactive response to rapidly-changing user behaviour and market dynamics.
Earlier in 2021, the company was named the world’s fastest mobile network for the second consecutive year by web metrics provider Ookla.
"We look at the future confidently with a positive outlook for our operations despite the various global macro-economic factors that are reshaping the business environment across our footprint," Mr Dowidar said. "We will continue to channel our efforts towards enabling private and public sectors digital transformation journeys while equipping our operations with the next generation of technologies."
Consolidated earnings before interest, taxes, depreciation and amortisation in the third quarter were Dh6.7bn, resulting in an Ebitda margin of 51 per cent.
For the first nine months of 2021, earnings per share amounted to Dh0.83, a year-on-year increase of Dh0.03.
In July, Etisalat's board of directors announced the first interim dividend for 2021 at the rate of Dh0.40 per share. For 2020, it approved a record Dh1.20 per share.
We remain focused on achieving key strategic priorities that would enable a smarter digital tomorrow while opening new opportunities to engage with business and customers alike
Hatem Dowidar,
chief executive of Etisalat Group
Last month, Etisalat signed a binding agreement with Abu Dhabi-based artificial intelligence services provider G42 to merge their data centre services and create the UAE's largest data centre provider.
In August, Etisalat acquired an additional stake in Maroc Telecom Group, increasing its effective ownership from 48.4 per cent to 53 per cent.
In January, Etisalat, along with Dubai's Emirates Intergrated Telecommunications Company, increased its foreign ownership caps to 49 per cent in a bid to attract more external investors.
It also announced at this year's Mobile World Congress that it was developing plans for a 6G network.
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Yuki Means Happiness
Alison Jean Lester
John Murray
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
Our Time Has Come
Alyssa Ayres, Oxford University Press
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
UAE currency: the story behind the money in your pockets
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
THREE
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KILLING OF QASSEM SULEIMANI
Celta Vigo 2
Castro (45'), Aspas (82')
Barcelona 2
Dembele (36'), Alcacer (64')
Red card: Sergi Roberto (Barcelona)
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
