Etisalat profit jumps 45.9% to 17.2 billion dirhams on Vodafone exit

Key Points

1. Nine-month net profit reached 17.2 billion dirhams, up 45.9%, with revenue of 57.6 billion.
2. The group closed its full Vodafone stake sale for 21.9 billion dirhams in the third quarter.
3. The 50-year-old operator is repositioning itself as an AI-powered telecom group.

The latest:

Nine-month consolidated net profit at the Etisalat group climbed 45.9% year on year to 17.2 billion dirhams, on revenue of 57.6 billion, a 10.0% increase, the company reported through state news agency WAM. The third quarter alone delivered 11.2 billion dirhams in profit, lifted by the completed disposal of its Vodafone holding.

Details:

• The headline numbers: Consolidated revenue for the first nine months of 2026 reached 57.6 billion dirhams, up 10.0% year on year, while net profit hit 17.2 billion dirhams, a 45.9% rise. Third-quarter revenue came in at 19.5 billion dirhams, growth of 6.9% against the same period last year.
• Operating profitability: Earnings before interest, tax, depreciation and amortisation rose 5.1% in the third quarter to 9.0 billion dirhams, at a margin of 46.1%. Over the nine-month period, EBITDA reached 26.7 billion dirhams, growth of 10.3%, with a margin of 46.4%.
• The Vodafone sale: The group completed the sale of its entire stake in Vodafone during the third quarter, realising proceeds of 21.9 billion dirhams including final dividends, and a net gain of roughly 8.0 billion dirhams. The company said the transaction supported quarterly performance and added financial flexibility.
• Subscriber base: Total group subscribers reached 254.8 million in the third quarter, up 29.4% year on year. Inside the UAE, the base grew 5.2% to 16.5 million, which the group attributed to demand for advanced digital services and smart connectivity solutions.
• The new strategy: Marking its golden jubilee, the group unveiled a vision positioning it as an AI-powered and AI-enabling telecom operator, and said it will continue under the Etisalat name. The strategy builds on existing capabilities in digital services, cloud computing, artificial intelligence, cybersecurity and financial technology.
• Infrastructure target: The company plans to expand international connectivity capacity beyond 500 terabits per second by 2030, more than 25 times current capacity, alongside diversified routing for low-latency performance. No interim milestones or capital spending figure were announced.
• The chief executive: Group CEO Masood M. Sharif Mahmood said the third-quarter results confirm the resilience of the business model and its ability to convert growth opportunities into tangible outcomes, with revenue and profit reflecting operational discipline across the core telecom segment.
• The repositioning argument: Mahmood said connectivity is no longer confined to moving data but now centres on enabling the modern digital economy by building and operating the infrastructure and intelligent platforms that shape the future, as AI integration accelerates across corporate and government operations.
• Forward commitment: The group said it is renewing its commitment to continued investment as it enters its next 50 years, focused on competing internationally and anchoring the UAE within the global digital economy. No full-year guidance figures were disclosed.

Background:

The Etisalat group has held a stake in Vodafone since building its position in the British operator, making the holding one of its largest international financial assets. Its full exit this quarter ends that investment and redeploys capital toward digital infrastructure.

Between the lines:

The profit surge is not primarily an operating story. Revenue grew 10.0% and EBITDA 10.3% over nine months, while net profit rose 45.9% — a gap largely explained by the roughly 8.0 billion dirhams net gain booked on the Vodafone exit. The underlying telecom business grew at a steadier pace, making the 500-terabit target and the AI repositioning the more meaningful signals of future earnings.

What’s next

Full-year 2026 results will show whether operating growth holds once the Vodafone gain drops out of comparisons. Watch for detail on how the 21.9 billion dirhams in proceeds is deployed against the 2030 connectivity target.