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Emirates telecommunications giant e& (formerly Emirates Telecommunications Group) today reported a consolidated net profit of AED4.9 billion ($1.33 billion) in the first half of 2022, up 2.5 percent from the same period in 2021.
The company’s consolidated revenue reached AED26.3 billion ($7.16 billion). Revenue rose 3.8% in constant currency. Consolidated EBITDA in reported currency remained stable at AED13.4 billion, while it increased by 4.1% in constant currency, resulting in an EBITDA margin of 51%, it said.
In the first half of 2022, the number of etisalat of e& users in the UAE reached 13.3 million, a 10% increase from the same period last year, while the total number of group users reached 160 million, an increase of 2.5%.
Earnings per share were AED 0.56 compared to AED 0.55 (+2.5%). The Board of Directors has approved an interim dividend of 40 Phils per share for the first half of 2022.
Key operational highlights and developments in the first half of 2022 include:
* Acquisition of approximately 2.766 billion shares in Vodafone Group, representing 9.8% of Vodafone’s issued share capital (excluding treasury shares);
* Completed the acquisition of elGrocer under the Smiles brand;
* Launch of the region’s first collection of telecom NFTs to strengthen blockchain legacy;
* Announced that the SmartHub data center is ready to be the region’s future telecom hub
* Partnership with G42 to create Khazna Data Centers, the largest data center provider in the UAE and the Middle East, to support the creation of a digital ecosystem
* Entered a new phase of collaboration and strategic partnership with Microsoft to drive innovation and digital transformation
* The Open Radio Access Network (RAN) Memorandum of Understanding with Middle East operators including e& opens the region’s first centralized test lab in partnership with TIP and Intel
* Partnering with Meta to drive innovation through augmented augmented reality (AR) and virtual reality (VR) experiences and conversational commerce in its digital communications projects
Since developing into a global technology and investment group earlier this year, e& has continued to make steady progress, leveraging next-generation technologies to create innovative solutions and seeking strong local, regional and international partnerships of mutual benefit to create value and enable Our customers benefit, businesses and communities, it said.
Jassem Mohamed Obaid Bu Ataba Alzaabi, chairman of e&, said: “e&’s performance in the first half of the year demonstrates our unwavering commitment, continuous efforts and relentless focus on delivering on our vision of driving a digital future to empower society. Our success has benefited from For our efforts to add value to our shareholders while making positive change for the societies we serve.
“Our financial performance reinforces e&’s success story and its strong position to rise to the challenge and seize every opportunity to execute on the ambitious plan we began earlier this year and build momentum for the remainder of 2022. We have Embracing digital, and continuing the spirit of innovation incorporates our curriculum into a more comprehensive digital transformation for our community and society.”
Hatem Dowidar, e& Group CEO, said: “e&’s financial results for the first half of the year are the result of our efforts to drive growth and improve efficiency, with our strong commitment to key strategic priorities to enable a better digital future and drive innovation.
“E's has delivered solid results despite challenges such as soaring inflation, rising interest rates and depreciating foreign currencies in the global economy. We will remain resilient and see these periods as opportunities to deepen our focus and long-term investments. In the new global economic landscape, we will focus on the goal of creating and deploying innovative solutions to positively impact people’s lives.
“We maximize our core and digital services by enriching consumers’ value proposition with digital services that meet consumers’ new lifestyles and emerging needs beyond basic telecommunications services. Our telecommunications business has always been a The growth engine of its development. “Transformation into a technology company. This helps solidify our leadership in our geographic footprint and organically develop adjacencies through acquisitions. “
He said the electronic and digital transformation path has accelerated, empowering its clients across digital market sectors, developing in the fintech sector, delivering holistic digital solutions and taking the streaming experience to new heights.
“For example, our investment in Vodafone has great potential to bring significant value to both companies as we explore potential collaboration opportunities and support the adoption of next-generation technologies in the fast-growing global telecommunications market. We are confident that for the first time Half of 2022 will help us better position ourselves to bring the full potential of the digital world to customers in all segments by strategically building modules that enable future-proof business models,” said Dowidar. – arab trade news agency
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