UAE: e&’s H1 revenues rise 1.1% to Dh26.6 billion

e&, earlier known as Etisalat Group, on Tuesday said it consolidated revenues during the first half of 2023 reached Dh26.6 billion, a year-on-year increase of 1.1 per cent.

The company announced a consolidated net profit of Dh4.7 billion for H1 2023 as compared to Dh4.86 billion for the same period last year. While consolidated EBITDA reached Dh12.8 billion.

The company’s board approved an interim dividend of 40 fils per share for H1 2023.

In the UAE, etisalat by e& recorded 13.9 million subscribers an increase of 5.1 per cent compared to the same period last year. The Group’s aggregate subscribers reached 165 million, a year-on-year increase of 3.1 per cent.

e&’s telecom arm etisalat by e& demonstrated strong performance during the first half of the year with continuous increase in subscribers across both mobile and fixed services leading to a total of 5.1 per cent subscriber growth compared to the same period last year, while overall revenue grew across all categories by 5.8 per cent during the second quarter this year.

Mobile subscribers grew by 5.7 per cent compared to the same period last year due to the positive response from customer propositions like Emirati Freedom and Freedom Live, and special prepaid promotions successfully implemented for all subscribers.

Fixed revenue grew by 2.1 per cent during the first half and 1.8 per cent during the second quarter compared to the same period last year, driven by new propositions such as Business Pro and home wireless services. In the UAE, EBITDA and net profit margins remain strong at over 51 and 26 per cent respectively during the first half of 2023 – thanks to the focus on profitable revenue growth and driving operational efficiency with continued cost optimisation.

“e&'s performance during the first half of the year reinforces the resilience of our business model despite the challenging global macroeconomic environment,” said Jassem Mohamed Obaid Bu Ataba Alzaabi, chairman of e&.

“Over the past six months, we have demonstrated a strong sense of resilience and adaptability. Our relentless focus on excellence and innovation has allowed us to thrive in the dynamic landscape of the telecommunications and technology sectors, maintaining our growth momentum,” said Hatem Dowidar, Group CEO, e&.

He said the success has been driven by the combination of the company’s innovative, customer-centric strategies.

etisalat by e& employed more than 220 UAE nationals till date, in the second year of its partnership with Emirati Talent Competitiveness Council (Nafis).

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