e& net profit rises to Dh2.5b as subscribers climb

e&, formerly known as Etisalat Group, on Tuesday said its consolidated revenues reached Dh13 billion during the third quarter of 2022 while consolidated net profit rose to Dh2.5 billion, reflecting a year-on-year increase of 1.9 per cent.

At constant exchange rates, revenue increased by 5.5 per cent while consolidated EBITDA in reporting currency reached Dh6.7 billion and increased by 6.9 per cent in constant currency, resulting in an EBITDA margin of 52 per cent.

The number of etisalat by e& subscribers in the UAE reached 13.3 million in July-September 2022 quarter, representing an increase of 11 per cent over the same period last year. However, aggregate group subscribers reached 162 million, showing an increase of four per cent.

e&’s solid performance underpins the ongoing progress of the group’s ambitious plans since it entered a new chapter of its journey as a global technology and investment conglomerate earlier this year. The establishment of focused business pillars as part of its transformation journey has contributed to its organisational agility, and allowed for strong strategic partnerships as the group continues to explore the diversification of its local and international portfolios.

“e&’s performance in third quarter of 2022 reflects our unwavering commitment to accomplishing more for the benefit of our customers, shareholders and the communities we serve. We are focusing our efforts on adopting flexible and agile business models that fuel our growth through innovation and creating new value propositions,” Hatem Dowidar, group CEO of e&, said.

“Given that e& was built on strong foundations, we remain confident in leading change for growth by reinforcing our commitment to enhancing the quality of our innovative solutions to meet and surpass our customer expectations through the accelerated digitalisation seen in the business landscape. We will continue our efforts to seize new growth opportunities and pursue strong partnerships that will ultimately maximise the potential of a holistic digital transformation for our customers, and the societies we serve,” he said.

— muzaffarrizvi@khaleejtimes.com