UAE’s e& reports net profit of Dhs2.4bn in Q1 2022

Telecom giant e& reported that its first quarter consolidated revenues rose by 0.8 per cent to Dhs13.3bn in the first quarter of the year, with consolidated net profit increasing to Dhs2.4bn, a year-over-year increase of 3.6 per cent.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) were Dhs6.8bn, an increase of 0.5 per cent year-over-year, resulting in an EBITDA margin of 51 per cent. At constant exchange rates, revenue increased by 3.5 per cent and EBITDA increased by 2.8 per cent year-over-year.

In the first quarter, the number of Etisalat UAE subscribers reached 13.1 million, while aggregate group subscribers reached 159 million, representing an increase of 2 per cent over the same period last year.

The company attributed these to a “higher demand for digital and data services and the group’s ability to leverage superior networks”.

Hatem Dowidar, group CEO of e&, said: “Our first quarter results are a testament to the effectiveness with which we have begun the new chapter of our journey as a global technology and investment conglomerate that digitally empowers societies.

“We will continue to explore new avenues of growth, expand our offerings, enhance the quality of our solutions, forge new partnerships, and launch a number of digital initiatives to support SMBs, governments and large enterprises. All of this stems from our clear vision to create a more progressive business model, represented by the group’s business pillars, so that we can seize the opportunities that arise in an increasingly fast-paced digitalised business landscape.”

e& reports consolidated net profit of AED 2.4 billion in Q1 2022, up 3.6 percent#WamNews https://t.co/ol6JOSF61M pic.twitter.com/1VRH5tRxYc

— WAM English (@WAMNEWS_ENG) April 25, 2022

Some of the key highlights of e& during this period include being named the world’s strongest telecom brand, the first in the Middle East to get this global recognition from Brand Finance.

The company’s shareholders also approved the distribution of a full year cash dividend of 80 fils per share for the fiscal year 2021 in April.

Other milestones for included the the acquisition of elGrocer, under the Smiles brand, and partnerships with Microsoft to drive digital transformation and Meta to drive innovation with enhanced augmented and virtual reality experiences.

Read: UAE’s e& partners with Meta to drive innovation

The company announced discussions with Mobily regarding a potential offer to increase its shareholding in Mobily.

Read: UAE’s e& offers to boost stake in Mobily in $2.12bn deal

The company also partnered with Abu Dhabi Digital Authority and Trend Micro partnered to launch Cyber Eye, an initiative designed to strengthen the Abu Dhabi government entities’ cybersecurity capabilities.

Etisalat UAE, from e&, launched Easy Insurance, an innovative insurance platform offering digital services for auto, health and travel insurance.