e&, a UAE telecom company, announced an increase in net profit for the first quarter of 2022
UAE’S e&, formerly known as Etisalat Group, announced its financial results for Q1 2022. It reported a net profit of AED2.4 billion ($653.5 million), up 3.6 percent year-on-year on almost flat revenue of AED13.3 billion
Consolidated EBITDA reached AED 6.8 billion, an increase of 0.5 percent year-over-year, resulting in an EBITDA margin of 51 percent. At constant exchange rates, revenue increased by 3.5 percent and EBITDA increased by 2.8 percent year-over-year.
The company e& rebranded to E& from Etisalat Group in February. Etisalat Group was UAE’s first and biggest telecom services provider. It reported a net profit of AED2.4 billion ($653.5 million), up 3.6 percent year-on-year on an almost flat revenue of AED13.3 billion. Subscriber numbers increased 2 percent to 159 million.
E& showed strong financial performance across all key metrics this year, driven by higher demand for digital and data services and the Group’s ability to leverage superior networks.
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.
While discussing the topic Dowidar, Group CEO of e&, said that the first-quarter results are a testament to the effectiveness with which they have begun the new chapter of our journey as a global technology and investment conglomerate that digitally empowers societies.
The telecommunications business currently continues to be operated by Etisalat UAE in e&’s home market and by its existing subsidiaries for international operations, upholding the Group’s rich telecommunications heritage, strengthening its strong telecommunications network, and maximizing value for the Group’s various customer segments.
The operator inked several new and expanded partnerships to enhance its digital offerings already this year including expanding a tie-up with AWS; a financial services and AR deal with Facebook-parent Meta Platforms; and an agreement with Microsoft focused on digital transformation products.