UAE’s e&, formerly known as Etisalat Group, announced an increase in net profit in the first half of 2022 to 4.9 billion dirhams, a 2.5 percent increase from 4.7 billion dirhams in the same period last year.
Revenues increased by 3.8 percent in the first half of this year to 26.3 billion dirhams.
Revenues fell 0.4 percent to 26.3 billion dirhams, while group subscribers increased to 160 million.
Steady growth
The group announced that the number of Etisalat subscribers in the UAE using electronic services increased by 10 percent to 13.3 million in the first six months of 2022 compared to the same period in 2021, bringing the total to 160 million subscribers, a 2.5 percent increase.
Digital future
Commenting on the results, Jassem Al Zaabi, Chairman of the Board of Directors, said, “The strong performance reflects the extent of commitment and continuous efforts in achieving our vision of a better digital future for societies while adding value to our shareholders.”
“Our financial performance adds to the group’s success story and efforts to face challenges and work to implement ambitious plans, inspired by the spirit of continuous innovation, in order to achieve a more comprehensive digital transformation,” he added.
In previous statements, Al Zaabi stated that Etisalat has become a company specialized in technology investment, explaining that the priority is for expansion and investments in the 15 countries where it operates. However, he warned that inflation rates are among the most significant challenges, particularly in terms of not raising prices for its products.
In May, e& announced that it had purchased 2.766 million shares in Vodafone, representing 9.8 percent of the company’s capital, excluding treasury shares. The acquisition was valued at $4.4 billion.
