Etisalat H1 Net Profit Rises 3% to Reach AED4.6 Billion
Total Page：16
File Type：pdf, Size：1020Kb
22 jUly 2020 | 01 DHUl Al-HIjjAH 1441 HIjRI | VOlUME NO. 08 | ISSUE 04 /emiratesbusiness.ae @emi_business emirates-business.ae oP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0346 B r e n t Crude $44.80/bbl buLLION don’t hype hope for the Oxford covid-19 vaccine Abu Dhabi - ADX 4,256.66 EuRo 4.2188 CHF 3.9507 W T I C r u de $42.30 /bbl At the current stage, excesses of both optimism and odds-making over the virus treatment can get both investors and policymakers GBP 4.6673 CAD 2.7456 N a t u r a l G as $1.67 /MMBtu Dubai - DFM 2,088.54 in trouble, writes Max NiseN PRECIOUS METALS EuroPE PAGE 07 New york - NYA 12,527.66 EXCHANGE RATE Sri Lankan Rs 50.47 Gold $1,837.50/t oz Uk budget deficit swells to record on covid-19 stimulus Indian Rs 20.24 P h i l i p p i n e P eso 13.20 Gold-Dubai AED222.75/gm Buy for London - UKX 6,267.66 Bangladesh Taka 22.32 (AED) 25,981.56 At around 19% of GDP, the deficit would be highest since World War Pakistani Rs 44.69 Silver $21.40/t oz II and almost double levels reached after financial crisis a decade ago Wednesday Price UAE: AED 2 UAE No.1 globally in mobile SHEikH MOHAMEd cHAirS AdiA’S bOArd MEETing subscription index: UN report The country also ranks first in Arab region and seventh in the world in telecommunication infrastructure index DUBAI / WAM As for the internet users The UAE ranked first in the index, the UAE moved up Gulf, Arab Region, and West - ern Asia, and the seventh to 5th from 13th globally, globally in the Telecommuni - achieving a qualitative cation Infrastructure Index leap in fixed broadband (TII) according to the UN E- subscription index Government Survey 2020. It also ranked second in Asia in this index. In addition, the UAE made band Internet subscription Executive Team headed by TRA significant progress in the index. As for the internet and UAE mobile operators (Eti - global competitiveness indi - users index, the UAE moved salat and du), where the team cators of the telecommunica - up to 5th from 13th globally, worked to raise the country’s tions sector in the report, achieving a qualitative leap in ranking in the TII sub-indica - maintaining the first place the fixed broadband subscrip - tors by launching a number of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed globally in the mobile sub - tion index, as it moved up to initiatives over the past years, Forces, with Board of Directors’ of the Abu Dhabi Investment Authority (ADIA), in Abu Dhabi on Tuesday. The meeting reviewed topics scription index, and advanc - 29th from 68th in the world. contributing to maintaining the on its agenda, including key investment projects and achievements made by ADIA as well as plans and progarmmaes the authority ing from second to first These achievements re - UAE as a world leader in such is planning to implement in order to entrench its leading position globally —WAM globally in the mobile broad - sulted from efforts of the TII indicators. ETiSAlAT named ‘the most valuable consumer brand’ and ‘the most valuable telecom brand’ in MEA region El Sisi: Hope Probe restores Arab nations’ former glories in science CAIRO / WAM launch of Hope Probe into space. Though this is an un - Etisalat H1 net profit rises Egyptian President Abdelfat - precedented historic step tah El Sisi has said that the for Emirates in the field of launch of Hope Probe into outer space discoveries, it space is a groundbreaking embodies our fervent hope 3% to reach AED4.6 billion step for the UAE into the to restore the Arab and sphere of space exploration. Islamic nation(s) former In a tweet on Monday, glories and discoveries in While the group’s consolidated revenues during the period hit AED 25.6bn, President El Sisi said, "I fol - the fields of science, arts consolidated Ebitda totalled AED13.2bn resulting in Ebitda margin of 52% lowed with great pride the and innovation." DUBAI / eMirAtes Business We are witnessing Etisalat Group on Tuesday an - nounced its consolidated finan - an opportunity to Arabtec wins AED196m cial results for the first six fast track digital months of 2020 ending June 30. transformation. The deal from Saudi Aramco The subscriber base of Eti - unconventional conditions DUBAI / WAM salat Group during the period reached 146 million. have spurred the adoption Arabtec Holding, a contractor The consolidated revenues of of digital services, bridging for social and economic the group amounted to AED25.6 a divide by changing infrastructure, on Tuesday billion and consolidated net customers’ behaviour announced that its wholly- profit after Federal Royalty owned subsidiary, Target amounted to AED4.6 billion rep - towards digital channels Engineering Construction resenting a year over year HE Obaid Humaid Al Tayer, Company has been awarded increase of 3% and resulting in Chairman of Etisalat Group around SAR200 million a net profit margin of 18%. (AED195.88) contract by Consolidated Ebitda of the Saudi Aramco for the replace - Arabtec Holding wins group totalled AED 13.2 billion tional conditions have spurred ment of five storage tanks at the contract from resulting in Ebitda margin of In the UAE, subscriber base of Etisalat reached 11.8mn subscribers in H1 of 2020, while the adoption of digital services, Ras Tanura Refinery in East - Saudi Aramco for the 52%. The report said that Eti - aggregate subscriber base reached 146mn, representing a year over year increase of 2% bridging a divide by changing ern Province, Saudi Arabia. replacement of five salat was named ‘The Most customers’ behaviour towards In a statement by the com - Valuable Consumer Brand’ and scriber base reached 146 mil - 19 has affected all industries digital channels. Etisalat’s pany on the Dubai Financial storage tanks at Ras ‘The Most Valuable Telecom lion, representing a year over including the telecom sector. innovative solutions have Market website, Arabtec said Tanura Refinery in Eastern Brand’ in MEA region. year increase of 2%. Etisalat managed to adapt, catered for the social distanc - that the project scope of Province, Saudi Arabia Credit Rating Agencies Stan - Commenting on the results, respond and demonstrate re - ing era, it has enabled remote works includes the replace - dards & Poor's and Moody's HE Obaid Humaid Al Tayer, silience as we ensured the deliv - working and education, it min - ment of three naphtha stor - affirmed Etisalat Group's high Chairman of Etisalat Group ery of uninterrupted services to imised human interactions and age tanks and two slop oil build our relationship with credit rating at AA-/Aa3 with said, “Etisalat Group has deliv - our customers and had the priv - increased the pace of automa - storage tanks. Saudi Aramco in the Kingdom stable outlook. ered a good performance in ilege of supporting our society tion. Our infrastructure has ac - Commenting on the an - of Saudi Arabia. In line with In the UAE the subscriber the first half of 2020 consider - through various initiatives.” commodated the surge in nouncement, Arabtec’s Group our strategy, this important base of Etisalat reached 11.8 ing the circumstances; the “We are witnessing an op - requirements and is ready for Chief Executive Officer, Wail award further builds the million in the first six months of world is voyaging through un - portunity to fast track digital more acceleration in digital Farsakh, said, "We are de - group’s presence in the oil 2020, while aggregate sub - chartered waters and Covid- transformation. The unconven - adoption,” Al Tayer said. lighted to be continuing to and gas sector." EU reaches $860b deal Etihad enhances Brent oil hits four-month high export control on pandemic recovery on economic recovery hopes compliance BlooMBerg ABU DhABI / WAM European Union (EU) leaders Brent futures increase 2.8% as EU agrees on an unprecedented Etihad Cargo, the cargo and agreed on an unprecedented stimulus package to pull their economies out of worst recession logistics arm of the Etihad stimulus package worth 750 Aviation Group, is set to billion euros ($860 billion) to BlooMBerg streamline regulatory com - pull their economies out of the The international pliance screening processes worst recession in memory Oil climbed to the highest level benchmark is now for shipments through a and tighten the financial since early March in London as new partnership with Almost a third of funds trading above $44 bonds holding their 27 nations hopes for an economic recovery a barrel for first E2open, a leading provider together. are earmarked for fighting from the coronavirus crisis of intelligent supply chain The agreement, in the early climate change and, lifted financial markets. time since March solutions. hours of Tuesday after more together with bloc’s next Brent futures rose 2.8% as 6, the day a Scheduled to be fully op - than four days of acrimonious European Union leaders agreed erational by November this 1trn euro, seven-year meeting between negotiations in Brussels, re - on an unprecedented stimulus Opec and its allies year, the E2open application budget, will constitute quired the unanimous approval package to pull their economies broke down implementation will enable of the member states and rep - biggest green stimulus out of the worst recession in Etihad Cargo to automate resents a victory for German package in history memory, while results of early cargo screening against Chancellor Angela Merkel and trials of a virus vaccine devel - global regulations and sanc - French President Emmanuel oped by the University of Oxford nomic fallout not yet fully re - rel for the first time since March tions leveraging E2open’s Macron, who drafted an early mate change and, together with and AstraZeneca Plc showed alised, the demand recovery 6, the day a meeting between global trade content.