e& reports Dh4.9b consolidated net profit for H1 as subscribers rise

Board approves interim dividend of 40 fils per share for H1 2022

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Muzaffar Rizvi

Published: Mon 1 Aug 2022, 7:51 PM

e& on Monday said its consolidated revenues for first half reached Dh26.3 billion, while consolidated net profit rose 2.5 per cent to Dh4.9 billion as the number of subscribers showed a strong growth.

In a statement, the Abu Dhabi-based telcom giant said revenues rose 3.8 per cent if calculated at constant exchange rates. Consolidated EBITDA remained steady in reporting currency at Dh13.4 billion, 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 first half of 2022, representing an increase of 10 per cent over the same period last year, while aggregate group subscribers reached at 160 million, reflecting a 2.5 per cent increase. The e& board approved interim dividend of 40 fils per share for first half of 2022.

Jassem Mohamed Obaid Bu Ataba Alzaabi, chairman of e&, said e&’s performance during the first half of the year demonstrates our unwavering commitment, continued efforts and relentless focus on realising our vision of driving the digital future to empower societies.

“Our success is underpinned by our drive to make a positive change in the societies we serve while adding value to our shareholders. 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,” he said.

“We have embraced digitisation, with a continuous innovation ethos to charter our course into a more holistic digital transformation for our communities and societies,” Alzaabi said.

Since e&’s evolution into a global technology and investment conglomerate earlier this year, the company has continued its journey with steady progress in creating innovative solutions using next-generation technologies and pursuing strong local, regional and international mutually beneficial partnerships that create value and benefit our customers, enterprises and communities.

Hatem Dowidar, Group CEO of e&, said e&’s financial results for the first half of this year are an outcome of our earnest endeavours to drive growth and enhance efficiencies, with a strong commitment to key strategic priorities to enable a better digital future and drive innovation.

“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,” he said.

“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 said.

“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,” Dowidar added.

Etisalat Group has changed its brand identity to e&, effective from February 23, 2022. Its strategy aims to accelerate growth through the creation of a resilient business model representing the Group’s main business pillars. The telecoms business currently continues to be led by etisalat by e& in e&’s home market and by existing subsidiaries for e& international, upholding the group’s rich telecoms heritage, bolstering the strong telecoms network and maximising value for the group’s various customer segments.

— muzaffarrizvi@khaleejtimes.com

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