e& reports consolidated net profit of AED 2.5bn for Q3 2022, up 1.9 percent

ABU DHABI, 1st November, 2022 (WAM) — e& (formerly known as Etisalat Group) today announced its financial results for Q3 2022, reporting consolidated revenues of AED 13.0 billion, while consolidated net profit was AED 2.5 billion, a year-over-year increase of 1.9 percent.

At constant exchange rates, revenue increased by 5.5 percent. Consolidated EBITDA in reporting currency reached AED 6.7 billion, and increased by 6.9 percent in constant currency, resulting in an EBITDA margin of 52 percent.

The number of etisalat by e& subscribers in the UAE reached 13.3 million in Q3 2022, representing an increase of 11 percent over the same period last year, while aggregate group subscribers reached 162 million, a 4 percent increase.

e&’s solid performance underpins the ongoing progress of the Group’s ambitious plans since it entered a new chapter of its journey as a global technology and investment conglomerate earlier this year. The establishment of focused business pillars as part of its transformation journey has contributed to its organisational agility, and allowed for strong strategic partnerships as the Group continues to explore the diversification of its local and international portfolios.

Hatem Dowidar, Group CEO of e&, said, “e&’s performance in Q3 2022 reflects our unwavering commitment to accomplishing more for the benefit of our customers, shareholders and the communities we serve. We are focusing our efforts on adopting flexible and agile business models that fuel our growth through innovation and creating new value propositions. Given that e& was built on strong foundations, we remain confident in leading change for growth by reinforcing our commitment to enhancing the quality of our innovative solutions to meet and surpass our customer expectations through the accelerated digitalisation seen in the business landscape.”

“We will continue our efforts to seize new growth opportunities and pursue strong partnerships that will ultimately maximise the potential of a holistic digital transformation for our customers, and the societies we serve.

“We would like to extend our gratitude to the UAE leadership for their inspiring vision so that we can continue to digitally empower societies and enable a brighter, digital future. We also thank our customers and shareholders for their unwavering support and trust, and our employees for their tireless commitment towards our goal to Make Possible. Our resilience to spearheading digital transformation journeys will be enhanced as we drive value from our core, build a stronger regional footprint leadership, grow our adjacencies organically and achieve exemplary results for the benefit of all,” he added.