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Tuesday, May 30, 2023

E&2022 net profit soars 7.4%; revenue hits $14.2 billion

The UAE’s leading telecommunications service operator e& has reported solid growth in FY2022, with a net profit of AED10 billion (US$2.72 billion), up 7.4% from the previous year.

Announcing its results for the 12-month period ending December 31, 2022, e& said its consolidated revenue soared to AED52.4 billion, up 4.7% year-on-year at constant exchange rates, driven by the group’s successful Business transformation, expansion into new verticals and diversification of revenue streams.

Consolidated ebitda rose 3.7% year-on-year to AED 26.2 billion at constant exchange rates, with an EBITDA margin of 50%, underscoring the strong profitability of the e&’s business.

The impressive growth achieved by e& in 2022 underscores the success of e&’s transformational development as a global technology and investment group. This strategic pivot reflects the group leadership’s vision to meet new realities and stay ahead by delivering innovative digital solutions to customers, the company said in a statement.

Building on its 47-year tradition of excellence, the Group has made significant progress in its transformation by expanding into new verticals, diversifying revenue streams and optimizing operations. This strengthens e&’s position as a leading global technology group, delivering growth and building resilience despite global macroeconomic challenges.

The group has strengthened its regional and global partnerships to deliver high-value solutions that meet the changing needs of communities and markets and foster digitally connected communities.

The strong financial performance is supported by e&’s focus in 2022 to unlock new growth opportunities and accelerate its innovation journey by leveraging cutting-edge technologies such as 5G, AI and IoT. This puts the Group at the forefront of the digital age.

Strong user base growth was reported in the UAE, with etisalat by e& recording 13.8 million subscribers, an 8.8% increase over last year, taking the group’s total subscribers to 163 million, a 2.5% increase over 2021.

Underscoring Etisalat Group’s commitment to creating value for its shareholders, e&’s Board of Directors proposes a dividend of AED 0.40 per share for the second half of the year (July-December), equivalent to a total FY2022 dividend of AED 0.80 per share .

Regarding the solid performance, Chairman Jassem Mohamed Bu Ataba Alzaabi said: “The excellent financial performance achieved by e& is a strong testament to the success of our business transformation strategy. From diversifying our business and revenue streams to expanding into new verticals and introducing innovations services, we are focused on harnessing the potential offered by digital transformation to create value for our 163 million users across 16 markets.”

“As one of the largest global telecommunications companies by market capitalization today, our priority in 2022 is to be at the forefront of digital transformation and create unique solutions that meet user aspirations while bringing added value to the economies we serve. We take pride in being a trusted digital and technology partner and bringing the latest innovations to our customers,” he added.

Group CEO Hatem Dowidar said: “2022 will be a defining year for e& as we strengthen our transformation into a global technology and investment group committed to a digitally-enabled society. Despite various global challenges, our The domestic and international business achieved impressive results, reinforcing our leadership position in a highly competitive and growing market.”

“Our strong foundation, knowledgeable and passionate team, and focus on developing innovative solutions, products and services make us one of the top suppliers to the communities we serve as we enable them to unleash the true potential. Our growth mindset enables us to achieve our goals while creating additional long-term value for our customers and shareholders,” he added.-TradeArabia News Service

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