Emirates Electronics and 2022 consolidated net profit up 7.4%

Etisalat Group e& reported a 7.4% increase in consolidated net profit from AED9.3 billion in 2021 to AED10 billion in FY2022.

Consolidated revenue reached AED 52.4 billion, up 4.7% year-on-year at constant exchange rates, driven by the Group’s business transformation, expansion into new business verticals and diversification of revenue sources.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose by 3.7% year-on-year to AED 26.2 billion at constant exchange rates, resulting in an EBITDA margin of 50%.

Etisalat by e& has 13.8 million users, an increase of 8.8% over the previous year.

The group’s total subscribers reached 163 million, an increase of 2.5% from the 159 million total subscribers in 2021.

Its board of directors has proposed a dividend of AED 0.40 per share for the second half of 2022 (July-December), which equates to a total dividend of AED 0.80 per share for FY2022.

Hatem Dowidar, CEO of e& Group, said: “2022 will be a defining year for e& as we strengthen our transformation into a global technology and investment group dedicated to a digitally empowered society.”

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“e&’s strategic and forward-looking vision allows us to explore future opportunities while building strong strategic partnerships with global technology players. Prudent mergers and acquisitions have further accelerated our growth and diversification, creating new revenue streams, and position us as a leading global technology group.”

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“The Group’s recognition as the most valuable portfolio of telecom brands in the Middle East and Africa region and etisalat by e&’s maintenance of its position as the strongest telecom brand across all categories in the region and one of the top three telecom brands globally underscores our The success of the strategic development and our commitment to building one of the fastest networks in the world.”

Also read: UAE’s etisalat named strongest Middle Eastern brand by e&

e& Group currently operates in 16 countries in the Middle East, Asia and Africa. It delivers digital solutions, smart connectivity and next-generation technologies through its business pillars: e&, e& international, e& life, e& enterprise and e& capital.