UAE telco e& sees net profit rise 1.9% to Dhs2.5bn for Q3 2022

UAE telco e& (formerly known as Etisalat Group) announced its financial results for Q3 2022, reporting consolidated revenues of Dhs13bn. The company reported a consolidated net profit of Dhs2.5bn, a year-on-year increase of 1.9 per cent.

At constant exchange rates, revenue increased by 5.5 per cent.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) in reporting currency reached Dhs6.7bn, 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 Q3 2022, representing an increase of 11 per cent over the same period last year, while aggregate group subscribers reached 162 million, a 4 per cent increase.

Hatem Dowidar, group CEO of e&, said, “e&’s performance in Q3 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. 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.

“We also thank our customers and shareholders for their unwavering support and trust, and our employees for their tireless commitment towards our goal to ‘Make Possible’. Our resilience to spearheading digital transformation journeys will be enhanced as we drive value from our core, build a stronger regional footprint leadership, grow our adjacencies organically and achieve exemplary results for the benefit of all.”