e& (formerly known as Etisalat Group) today announced its financial results for Q3 2022.
Financial Highlights for Q3 2022
| Q3 2022 | Q3 2021 | Percent change | Percent change at constant exchange rate |
*Revenue | AED 13.0 bn | AED 13.3 bn | -2.4% | +5.5% |
Net Profit | AED 2.5 bn | AED 2.4 bn | +1.9% | |
*EBITDA | AED 6.7 bn | AED 6.7 bn | -0.4% | +6.9% |
Earnings per Share | AED 0.29 | AED 0.28 | +1.9% | |
Aggregate Group subscribers
| 162 million | 155 million | +4.0% |
(*) At constant exchange rates, revenue increased by 5.5% percent and EBITDA increased by 6.9% percent year-over-year
e&’s key operational highlights and developments for Q3 2022
UAE Telco
e& international
e& enterprise
e& capital
e& life
Q3 Overview
e&’s consolidated revenues reached 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.
Outlook
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.”
Etisalat Group has changed its brand identity to e&, effective from 23 February 2022. Its strategy aims to accelerate growth through the creation of a resilient business model representing the Group’s main business pillars. The telecoms business currently continues to be led by etisalat by e& in e&’s home market and by e& international in its international markets, upholding the Group’s rich telecoms heritage, bolstering the strong telecoms network and maximising value for the Group’s various customer segments. Ramping up the digital services for individual customers to elevate their digital-first lifestyle, e& life brings next-generation technologies through smart platforms in entertainment, retail and financial technology. To maximise the digital potential of governments, large-scale enterprises and corporates, e& enterprise focuses on delivering innovative digital vertical value propositions through its end-to-end solutions in cybersecurity, cloud, Internet of Things (IoT) and Artificial Intelligence (AI), as well as deploying mega projects. e& capital allows the Group to focus its efforts on driving new investments while maximising shareholder value and strengthening global presence.