e& reports a record 7.4% growth in consolidated net profit to AED 10.0 billion in FY 2022

Consolidated revenues reached to AED 52.4 billion, a growth of 4.7 per cent year-over-year, at constant exchange rates, underpinned by the Group’s successful business transformation, expanding to new business verticals and diversifying the revenue streams.

Consolidated EBITDA increased by 3.7 per cent year-over-year at constant exchange rate, to AED 26.2 billion, leading to an EBITDA margin of 50 per cent, highlighting the strong profitability of e&’s operations.

Reporting strong growth in subscriber base in the UAE, etisalat by e& recorded 13.8 million subscribers, an increase of 8.8 per cent compared to last year, and the Group’s aggregate subscribers reached 163 million, an increase of 2.5 per cent over 2021.

Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of AED 0.40 per share for the second half (July to December) of 2022, representing a total dividend of AED 0.80 per share for FY 2022.

Financial Highlights for FY 2022

(*) At constant exchange rates, revenue increased by +4.7% percent and EBITDA increased by +3.7% percent year-over-year

Committed to innovation and value creation

Hatem Dowidar, Group Chief Executive Officer of e&, said: “2022 has been a defining year for e& as we strengthened our transformation into a global technology and investment group committed to digitally empowering societies. Despite various global challenges, our domestic and international operations achieved impressive results, reinforcing our leadership position in highly competitive and evolving markets.

“Our strong fundamentals, knowledgeable and passionate team, and focus on developing innovative solutions, products, and services positioned us as one of the top providers across the communities we serve, as we empower them to unlock the true potential of the digital era. Our growth mindset enables us to achieve our goals while creating additional and long-term value for our customers and shareholders.

“e&’s strategy and progressive vision allow us to explore future opportunities while fostering strong strategic partnerships with global technology players. Prudent mergers and acquisitions further accelerated our growth and diversification creating new streams of revenue and positioned us as a leading global technology group. We are grateful to our customers and shareholders for their continued support as we continue to pioneer broad-spectrum technologies, build impactful partnerships, and contribute to shaping the digital era of the future.

“The Group’s recognition as the most valuable portfolio of telecom brands in the MEA region, and etisalat by e&’s retention of its position as the strongest telecom brand across all categories in the region and one of the top three telecom brands in the world, underline the success of our strategic evolution and our commitment to building one of the fastest networks in the world.”

About e& 

e& is one of the world’s leading technology and investment groups. With consolidated net revenue at AED 52.4 billion and consolidated net profit of AED 10.0 billion for 2022, its high credit ratings reflect the company’s strong balance sheet and proven long-term performance. 

Founded in Abu Dhabi more than four decades ago as the UAE’s first telecommunications company, the Group now operates in 16 countries across 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.