e& reports Dh2.4 billion profit in Q1, up 3.6%

e&'s first quarter consolidated revenues increased by 0.8 percent to Dh13.3 billion, while consolidated net profit increased to Dh2.4 billion, a year-over-year increase of 3.6 percent. Consolidated EBITDA reached Dh6.8 billion, an increase of 0.5 percent 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.

The number of Etisalat UAE subscribers reached 13.1 million in Q1 2022, while aggregate group subscribers reached 159 million, representing an increase of 2 percent over the same period last year.

“e& delivered strong financial performance across all key metrics, driven by higher demand for digital and data services and the Group’s ability to leverage superior networks”

Outlook

Since e&’s evolution into a global technology and investment conglomerate earlier this year, the company has maintained solid performance by creating innovative solutions for various customer segments and targeted acquisitions and value-creation partnerships for the benefit of consumers, businesses and societies.

Commenting on the Q1 2022 results, 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.

Etisalat Group recently changed its brand identity to e&.