UAE’s e& reports 3.2% rise in consolidated net profit for 2021

UAE’s telecom operator, Etisalat Group, that recently rebranded as e&, reported a consolidated net profit of Dhs9.3bn for FY 2021, representing a 3.2 per cent year-on-year increase.

Read: UAE telecom major Etisalat Group rebrands as e&

The company’s consolidated revenues for the full year ending December 31, 2021, also increased by 3.2 per cent to Dhs53.3bn. Meanwhile, its consolidated EBITDA amounted to Dhs26.7bn, representing a year-on-year increase of 1 per cent and an EBITDA margin of 50 per cent.

With a 3.2% increase, our consolidated revenues reached AED 53.3 billion & our consolidated net profit rose to AED 9.3 billion. Our financial results for 2021 have been released.
The year was marked by significant milestones..
(1-2)#MakePossible #eAnd #etisalatAnd https://t.co/vIpjpNdC21

— e& (@etisalatAnd) February 24, 2022

During 2021, the telecom’s UAE subscriber base reached 12.7 million, while aggregated subscribers equalled reached 159 million, representing a year-over-year increase of 3 per cent.

The board proposed a dividend of Dhs0.4 per share for H2 2021, representing a total dividend of Dhs0.8 per share for FY 2021, official news agency WAM reported.

Chairman of e&, Jassem Mohamed Bu Ataba Alzaabi, said: “e& celebrated multiple milestones, witnessed historical achievements, and saw strong financial performance, all of which I believe are setting us up for an even brighter digital future. The digital revolution spurred by the pandemic does not show signs of slowing down. In fact, telecom operators were faced with two choices: stay still and offer the same services or innovate to ensure business continuity and more importantly, achieve growth. We will continue to rise to the challenge and innovate at every opportunity presented to us because we firmly believe that we can make a difference in the lives of millions in a time of accelerated digitalisation, and we are ready to meet the demands of the future with confidence, resilience, and agility.

“This has been an exceptional year during which we have witnessed robust financial performance and business growth across our operations. Our domestic and international operations delivered a strong performance over the course of the year as a result of our continuous focus on maintaining growth,” added Hatem Dowidar, chief executive officer of e&.

Last year, the telecom major raised the ownership limit of foreign nationals to 49 per cent.

Read: UAE operators Etisalat, du raise foreign ownership to 49%

It first opened up to foreign ownership in 2015 with a 20 per cent limit.