UAE’s e& records consolidated revenues of $3.5 bn in Q1

Company registered 13.9 mn subscribers
UAE’s e& records consolidated revenues of $3.5 bn in Q1
e&(Photo from WAM)

UAE telecom company e& reported consolidated revenues of 13 billion dirhams ($3.5 billion) for the first three months of 2023. At constant exchange rates, revenue increased by 6.6 percent.

Consolidated net profit recorded 2.2 billion dirhams, while consolidated EBITDA (Earnings before interest, taxes, depreciation, and amortization) reached 6.2 billion dirhams, resulting in an EBITDA margin of 48 percent.

13.9 million subscribers

In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 6 percent compared to the same period last year. The group’s aggregate subscribers reached 164m, a year-on-year increase of 3 percent.

The group’s focus on expanding its digital offering and launching innovative new solutions and partnerships with leading technology companies around the world as part of its drive to become a global technology player has driven business growth.

Through a series of prudent mergers and acquisitions, e& is strengthening its position focused on delivering innovative solutions and driving digital transformation.

Read more: UAE’s e& acquires majority stake in Careem Super App for $400 mn

Most valuable telecoms brand in region

The financial performance in Q1 2023 further strengthened e&’s global position as the most valuable telecoms brand portfolio in the Middle East and Africa, according to 2023 Brand Finance.

Hatem Dowidar, Group CEO, e&, said: “The group’s performance in the first quarter indicates growth in the number of subscribers, revenues, and profits in local currencies, but was impacted by the strong fluctuations in the currency exchange rate within the Egyptian and Pakistani markets.

“This growth can be attributed to the group’s flexibility and efforts to provide innovative business solutions and the latest technologies to the communities we serve. Furthermore, the group has succeeded in building unique digital experiences supported by strategic investments, to enhance our business portfolio,” he added.

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