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Dubai: e& announce consolidated revenue of Dh13 billion in Q1 2023
Focus on expanding digital offerings and launching innovative new solutions drive growth
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e& on Tuesday announced its consolidated financial results for Q1 2023. The revenues reached Dh13 billion. At constant exchange rates, revenue increased by 6.6 per cent. Consolidated net profit recorded Dh2.2 billion while consolidated EBITDA reached Dh6.2 billion, resulting in an EBITDA margin of 48 per cent.
In the UAE, e& recorded 13.9 million subscribers an increase of 6 per cent compared to the same period of last year, The Group’s aggregate subscribers reached 164 million, a YoY increase of 3 per cent.
The Group's focus on expanding its digital offering and launching innovative new solutions and partnerships with leading technology companies around the world as part of its drive to become a global technology player has driven business growth.
Hatem Dowidar, Group CEO, e&, said: "The Group’s performance in the first quarter indicates growth in the number of subscribers, revenues, and profits in local currencies, but was impacted by the strong fluctuations in the currency exchange rate within the Egyptian and Pakistani markets. This growth can be attributed to the Group's flexibility and efforts to provide innovative business solutions and the latest technologies to the communities we serve. Furthermore, the Group has succeeded in building unique digital experiences supported by strategic investments, to enhance our business portfolio.
“We will continue to explore future technologies and develop new verticals that will accelerate digital transformation, positively impacting businesses and people’s lives while maximising value creation for our shareholders."
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