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UAE’s largest telecom operator electronic& – formerly known as Etisalat – reported a nearly 2 percent rise in third-quarter net profit despite a 2.4 percent drop in revenue.
Net profit jumped to 2.5 billion dirhams ($680 million) in the three months to the end of September, compared with 2.4 billion dirhams in the same period in 2021, e& said.statement to the Abu Dhabi Stock Exchange, where its shares are traded.
Revenue for the quarter reached AED 13 billion, a decrease of nearly AED 300 million compared to the same period last year.
“e&’s performance in the third quarter of 2022 reflects our unwavering commitment to doing more for the benefit of our customers, shareholders and the communities we serve,” said Hatem Dowidar, CEO of e& Group.
“We are focusing on adopting a flexible and agile business model to drive our growth by innovating and creating new value propositions.”
In the first nine months of 2022, the company’s revenue stood at AED39.32 billion, while net profit surged to AED7.36 billion during the same period.
The company’s number of subscribers in the UAE reached 13.3 million in the third quarter, an 11 percent increase from the same period last year. The total number of group users reached 162 million, an annual increase of 4%.
Abu Dhabi-based e& was established in 1976 and is the oldest telecommunications company in the UAE. It operates in approximately 16 countries in the Middle East, Asia and Africa, serving more than 156 million customers.
In February, e& changed its name as it attempted to transform into a global technology investment group.
In the third quarter of 2022, consolidated capital expenditure decreased by 41% year-on-year to AED1.6 billion. Capital intensity was 12%, down nearly 8 percentage points from the same period last year.
However, in the UAE, capital expenditure for the quarter was AED 600 million, an increase of 6% compared to the same period last year.
e& said the company’s continued focus on expanding its “premium network and strengthening our leadership” drove capital expenditures.
“This includes the deployment of 5G networks in the UAE, the expansion of fibre-optic networks within Morocco Telecom Group and the country of Pakistan, and the expansion of mobile network coverage,” it added.
Through its business pillars – etisalat by e&, e& international, e&life, e&enterprise and e&capital, the company provides innovative digital solutions, smart connectivity and next-generation technologies to various customer segments.
Earlier this month, e& launched $250 million venture capital fund as part of its new investment arm, e&capital, to support Tech Startup Ecosystem. The e&capital venture capital fund will seek to attract, engage and support start-ups and provide them with access to a network of investors and experts.
e&enterprise also completes 100% acquisition smart worldOne of the leading countries in the UAE technology Solution providers and system integrators.
“Given that e& is built on a solid foundation, we remain confident to lead the growth transformation by strengthening our commitment to improving the quality of innovative solutions to meet and exceed our customers’ expectations through the accelerated digitization we are seeing in the business environment. ,” Mr Dowidar said.
“We will continue to work hard to capture new growth opportunities and pursue strong partnerships to ultimately maximize the potential of overall digital transformation for our clients.”
Updated: 11/1/2022 7:18pm
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