Expected robust bottom-line performance
Etisalat recorded a slight top line performance with only 1.8% increase in 9M 2016 revenues to AED39.423bn, mainly supported by its domestic operations. Indeed, in the UAE, 9M 2016 revenues grew by 3%, yoy, to AED23.264bn, as a result of higher fixed and mobile broadband and wholesale revenues. By contrast, revenues from international operations were flat (+0.3%) at AED16.720bn, representing 42.4% of the Group’s 9M 2016 revenues vs. 43% in 9M 2015, negatively impacted by the unfavourable exchange rate movements that continued to impact the financial performance of some operations, such as Egypt, in addition to the competitive pressure of the mobile segment in Morocco and the fixed segment in Pakistan.
AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.
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