UAE's leading telecom services operator Etisalat Group has registered a 29 per cent jump in its net profit for the third quarter compared to the same period last year.

Announcing the results for the three months ending September 30, Etisalat said its consolidated net profit after Federal Royalty amounted to Dh2.4 billion ($653 million) resulting in a net profit margin of 19 per cent and an increase of 29 per cent year-over-year.

The group's consolidated revenues amounted to Dh12.9 billion, it stated.

The Etisalat UAE's net profit surged 4 per cent to Dh2 billion, while its revenues rose 3 per cent to Dh7.6 billion.

On the Q3 results, Group CEO Saleh Al Abdooli said: "Etisalat continues to deliver solid performance in the third quarter, despite the prevailing global economic challenges and the vastly transforming industry."

"We are on the verge of entering a new era, which transcends any technological disruption we ever witnessed, and will be altering and reshaping our society and industry on a large scale," he noted.

"We always strive to remain one-step ahead and to harness the power of technology for the greater value of our customers and communities. Our digital
agenda has enabled us to enhance our internal operations and widened the spectrum of our offerings," remarked Al Abdooli.
 
"It remains the key driving force while we are probing the potential that emergent streams, as in Robotics and Artificial Intelligence, can bring to us," he added.

Al Abdooli said within the overall scheme of things, innovation remains at the core of Etisalat's priorities.

"We believe in nurturing open innovation and in developing a favourable ecosystem through successful collaborations and targeted investments in future technologies," he noted.

"We are adamant when it comes to our innovation leadership and utilizing it in delivering smarter solutions and adding value to our customers and shareholders," he added.

Etisalat is confidently moving forward and progressing positively in enriching lives and enabling societies across its footprint.

"As a group, we will always assure a vigorous portfolio that is generating synergy, focusing on customer experience, growing value, and operating as one family," noted Al Abdooli.

"As we look back at our achievements, we sense and honor the great support that was extended to us by the wise leadership of the UAE, who did not only enable the creation of a world class telecom sector, but are also leading the way and acting as role models in technology adoption," he stated.

"Appreciation is also extended to our shareholders and loyal customer, to whom we owe more success and greater achievements," he added.-TradeArabia News Service