UAE’s e& posts 7.4% rise in consolidated net profit for 2022

UAE telecom group e& reported a 7.4 per cent rise in consolidated net profit, reaching Dhs10bn for fiscal year 2022 from Dhs9.3bn recorded in 2021.

Consolidated revenues reached to Dhs52.4bn, posting a growth of 4.7 per cent year-over-year, at constant exchange rates, underpinned by the group’s business transformation, expanding to new business verticals and diversifying the revenue streams.

We are proud to announce our latest achievements! Our consolidated net profit has reached an all-time high of AED 10.0 billion in FY 2022, representing an impressive 7.4% growth. This success attests to the hard work and dedication of our teams across the 16 markets. pic.twitter.com/FKfgr6S9rQ

— e& (@etisalatAnd) March 7, 2023

Key highlights for e&

Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) also increased by 3.7 per cent year-over-year at constant exchange rate, to Dhs26.2bn, leading to an EBITDA margin of 50 per cent.

The company recorded 13.8 million subscribers, an increase of 8.8 per cent compared to last year.

The group’s aggregate subscribers reached 163 million, an increase of 2.5 per cent over 159 million totalled in 2021.

Its board of directors proposes a dividend of Dhs0.40 per share for the second half (July to December) of 2022, representing a total dividend of Dhs0.80 per share for FY 2022.

“The year 2022 has been a defining one as we strengthened our transformation into a global technology and investment group committed to digitally empowering societies,” said Hatem Dowidar, group chief executive officer.

Read: UAE telecom major Etisalat Group rebrands as e&

“e&’s strategy and progressive vision allow us to explore future opportunities while fostering strong strategic partnerships with global technology players. Prudent mergers and acquisitions further accelerated our growth and diversification creating new streams of revenue and positioned us as a leading global technology group.

“The group’s recognition as the most valuable portfolio of telecom brands in the MEA region, and etisalat by e&’s retention of its position as the strongest telecom brand across all categories in the region and one of the top three telecom brands in the world, underline the success of our strategic evolution and our commitment to building one of the fastest networks in the world.”

Also read: UAE’s etisalat by e& named strongest Middle Eastern brand

The group now operates in 16 countries across the Middle East, Asia and Africa. It offers digital solutions, smart connectivity and next-gen technologies through its business pillars: etisalat by e&, e& international, e& life, e& enterprise and e& capital.