Abu Dhabi: e& (formerly known as Etisalat Group) today announced its financial results for the third quarter of 2022.
Third Quarter 2022 Financial Highlights
At constant currencies, revenue increased 5.5% and EBITDA increased 6.9% year-over-year
- Key e& Operational Highlights and Developments for Q3 2022
- Maroc Telecom was named the best Internet experience in Morocco with the highest network performance speed by OpenSignal.
- Ufone 4G, an operating company of PTCL and a subsidiary of e&, has been named the top 4G service provider in Pakistan by OpenSignal.
e& has signed a multi-year strategic partnership with Abu Dhabi Motorsports Management, as founding partner of the Etihad Airways Abu Dhabi Formula 1 Grand Prix, the largest sporting event in the Middle East.
- UAE Telco
- Partnered with Emirati Talent Competitiveness Council (ETCC) to participate in the NAFIS initiative which will involve the hiring of over 500 Emirati professionals in its retail, customer service, technology and IT space over a period of five year.
- Implemented an end-to-end MS Teams Direct Routing service in the United Arab Emirates for Juma Al Majid Holding Group, moving from on-premises legacy telephony to a cloud-based solution.
- Completed first trial of 6 GHz spectrum extending 5G bandwidth and improving network performance.
- Launch of an exclusive offer for seniors holding a “Thukher” or “Barakatna” card allowing them to benefit from up to 60% on four “Freedom” postpaid packages.
- Launch of the brand new commercial proposal, “Business Pro”, to meet the digital needs of companies.
- Introduction of enhanced and dedicated Internet connectivity services, “Digital Internet” and “Digital Premium Internet” for the business world.
Launched its virtual world, e& universe, at GITEX Global 2022.
- e& international
Partnered with AIG, a leading insurer, to create a unique digital insurance offering in select electronic and international markets, where the product is accessible through various digital channels, including mobile apps.
- e& business
Creation of a new company called e& enterprise iot and ai, following the full acquisition of Smartworld
- e& capital e& capital, the investment arm of e&, has made a strategic investment in VUZ, a leading immersive social app and has also funded Lablabee, a tech startup that will develop the world’s first hands-on lab platform for the telecommunications cloud
- e& life
- evision, the entertainment streaming division of e&life, and ADQ, an Abu Dhabi-based investment and holding company, have successfully completed the acquisition of 57% of Starzplay Arabia, a home video service provider. subscription-based demand (SVSOD) and streaming in the Middle East and North Africa.
- evision has acquired the exclusive broadcast and media rights for the DP World Asia Cup which will be broadcast only on the CricLife MAX channel in the MENA region.
evision has also launched a new South Indian trilingual movie channel “Emasala Simply South” in partnership with Simply South, the largest online streaming platform.
e&’s consolidated revenue reached AED13.0 billion, while consolidated net profit was AED2.5 billion, a year-on-year increase of 1.9%. At constant exchange rates, sales increased by 5.5%. Consolidated EBITDA in reporting currency reached AED6.7 billion and increased by 6.9% in constant currency, resulting in an EBITDA margin of 52%.
The number of etisalat subscribers by e& in the United Arab Emirates reached 13.3 million in the third quarter of 2022, an increase of 11% compared to the same period last year, while the total number of subscribers of the group reached 162 million, an increase of 4%.
The strong performance of e& supports the continued progress of the Group’s ambitious plans since it embarked on a new chapter in its journey as a global technology and investment conglomerate earlier this year. The establishment of targeted business pillars as part of its transformation journey has contributed to its organizational agility and enabled strong strategic partnerships as the Group continues to explore the diversification of its local and international portfolios.Hatem Dowidar
, e& Group CEO, said: “e&’s performance in the third quarter of 2022 reflects our unwavering commitment to achieve more for the benefit of our customers, our shareholders and the communities we serve. We are focused on adopting flexible and agile business models that fuel our growth through innovation and the creation of new value propositions. As e& has been built on a solid foundation, we remain confident in the ability to drive change for growth by reinforcing our commitment to improving the quality of our innovative solutions to meet and exceed our customers’ expectations through accelerated digitization seen in the commercial landscape. We will continue our efforts to capture new growth opportunities and pursue strong partnerships that will ultimately maximize the potential for holistic digital transformation for our customers and the societies we serve.
“We would like to express our gratitude to the leaders of the United Arab Emirates 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 continued support and trust, and our employees for their tireless commitment to our goal to make possible. Our resilience to lead digital transformation journeys will be strengthened as we generate value from our core business, build stronger regional leadership, grow our adjacencies organically, and achieve exemplary results for the benefit of all. .Etisalat Group has changed its brand identity to e& , as of February 23, 2022. Its strategy aims to accelerate growth by creating a resilient business model representing the main pillars of the Group’s activity. Currently, the telecoms business continues to be dominated by etisalat by e& in the home market of e & par e& international in its international markets, preserving the Group’s rich telecom heritage, reinforcing the strong telecom network and maximizing value for the Group’s various customer segments. Strengthen digital services for individual customers to elevate their digital-centric lifestyle, e& life brings next-generation technologies through intelligent platforms in entertainment, retail and fintech. To maximize the digital potential of governments, large corporations and enterprises, e& business 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 than on the deployment of megaprojects. e& capital
allows the Group to focus its efforts on stimulating new investments while maximizing shareholder value and strengthening its global presence.
e& (formerly known as Etisalat Group) is one of the world’s leading technology and investment conglomerates. With a consolidated net revenue of AED53.3 billion and a consolidated net profit of AED9.3 billion for 2021, its high credit ratings reflect the company’s strong balance sheet and proven performance at long term.
Founded in Abu Dhabi more than four decades ago as the first telecommunications company in the United Arab Emirates, the group now operates in 16 countries in the Middle East, Asia and Africa.
e& provides innovative digital solutions, smart connectivity and next-generation technologies to a variety of customer segments through its business pillars: etisalat by e&, e& international, e& life, e& enterprise and e& capital.
To learn more about e&, visit: https://eand.com/