UAE’s e& reports consolidated net profit of Dhs4.9bn for H1 2022

UAE’s e& announced its H1 2022 results. The group reported consolidated revenues of Dhs26.3bn, while its consolidated net profit was Dhs4.9bn, a year-over-year (YoY) increase of 2.5 per cent.

At constant exchange rates, revenue increased by 3.8 per cent.

Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) remained stable in reporting currency at Dhs13.4bn, while increased by 4.1 per cent in constant currency, resulting in an EBITDA margin of 51 per cent.

The number of etisalat by e& subscribers in the UAE reached 13.3 million in H1 2022, reflecting an increase of 10 per cent over the same period last year, while aggregate group subscribers reached 160 million, a 2.5 per cent increase.

The board approved an interim dividend of 40 fils per share for H1 2022

Jassem Mohamed Obaid Bu Ataba Alzaabi, chairman of e&, said, “Our financial performance reinforces e&’s success story and its strong standing, tackling the challenges and rising to every opportunity to execute our ambitious plans we embarked on earlier this year and set the momentum for the remainder of 2022. We have embraced digitisation, with a continuous innovation ethos to charter our course into a more holistic digital transformation for our communities and societies.”

Hatem Dowidar, group CEO of e&, said, “e& achieved good performance despite global economic challenges characterised by soaring inflation, hike in interest rates and foreign currency devaluation. We will remain resilient and see these times as opportunities to deepen our focus and invest in the long term. As we navigate through the new global economic landscape, we will focus on our goal to create and deploy innovative solutions to positively impact people’s lives.”

He added: ”We have maximised our efforts in growing our core and digital services, by enriching consumers’ value propositions with digital services that cater to their new lifestyles and emerging demands beyond basic telecom services. Our telecoms business has been the growth engine behind our company and its transformation into a techco. This has helped solidify our leadership across our geographic footprint, as well as grow adjacencies organically and through acquisitions.”