Etisalat Posts Record Net Profit, Sells Full Vodafone Stake and Pivots to AI Infrastructure
Etisalat reported a 45.9% year-over-year increase in net profit for the first nine months of 2026, reaching AED 17.2 billion, aided by the sale of its entire Vodafone stake. The company also rebranded as 'etisalat' with a new strategy focused on AI-driven infrastructure.
UAE telecommunications giant Etisalat released its financial results for the third quarter and the first nine months of 2026 on October 28, highlighting a significant boost in profitability. Consolidated net profit for January through September reached AED 17.2 billion (approximately $4.68 billion), a 45.9% increase from the same period last year. Consolidated revenue grew by 10.0% to AED 57.6 billion. This strong performance was partly driven by major adjustments in the company's investment portfolio.
The most notable financial event this quarter was Etisalat's completion of the sale of its entire stake in UK telecoms group Vodafone. The transaction, including final dividends, generated total proceeds of AED 21.9 billion and realized a gain of approximately AED 8 billion. This substantial inflow directly boosted quarterly net profits and significantly enhanced the company's financial flexibility, providing ample cash reserves for future strategic investments. Excluding one-off gains from Vodafone, adjusted net profit for the first nine months stood at AED 9.2 billion, with earnings per share of AED 1.06, indicating robust growth in core operations.
Alongside the earnings report, Etisalat announced a brand refresh to mark its 50th anniversary, adopting the unified name 'etisalat' and unveiling a new corporate vision: to become a leading telco powered by AI and supporting AI applications. CEO Masood M. Sharif Mahmood stated that as AI becomes deeply integrated into enterprise and government workflows, the importance of connectivity, computing power, and security infrastructure grows. The company plans to concentrate its accumulated capabilities in digital services, cloud computing, cybersecurity, and fintech into an AI-centric communications infrastructure.