e& announced its financial results for H1 2022.
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(*) At constant exchange rates, revenue increased by +3.8% percent and EBITDA increased by +4.1% percent year-over-year
e&’s consolidated revenues reached AED 26.3 billion, while consolidated net profit was AED 4.9 billion, a year-over-year increase of 2.5 percent. At constant exchange rates, revenue increased by 3.8 percent. Consolidated EBITDA remained steady in reporting currency at AED 13.4 billion, while increased by 4.1 percent in constant currency, resulting in an EBITDA margin of 51 percent.
The number of etisalat by e& subscribers in the UAE reached 13.3 million in H1 2022, representing an increase of 10 percent over the same period last year, while aggregate group subscribers reached 160 million, a 2.5 percent increase.
Since e&’s evolution into a global technology and investment conglomerate earlier this year, the company has continued its journey with steady progress in creating innovative solutions using next-generation technologies and pursuing strong local, regional and international mutually beneficial partnerships that create value and benefit our customers, enterprises and communities.
Commenting on the H1 2022 results, H.E. Jassem Mohamed Obaid Bu Ataba Alzaabi, Chairman of e&, said: “e&’s performance during the first half of the year demonstrates our unwavering commitment, continued efforts and relentless focus on realizing our vision of driving the digital future to empower societies. Our success is underpinned by our drive to make a positive change in the societies we serve while adding value to our shareholders.
Our financial performance reinforces e&’s success story and its strong standing, tackling the challenges and rising to every opportunity to execute our ambitious plans we embarked on earlier this year and set the momentum for the remainder of 2022. We have embraced digitization, with a continuous innovation ethos to charter our course into a more holistic digital transformation for our communities and societies.
I would like to thank the UAE’s wise leadership for their inspiring vision and continuous support to the ICT sector. I am also grateful to our e& management team for constantly capitalizing on our deep digital expertise to act as enablers of digital transformation for governments, corporates, and consumers, providing complete end-to-end solutions. We remain thankful to our loyal consumers and shareholders for joining us in our journey of transformation and collaborating with us to set new industry benchmarks and reach new heights.”
Hatem Dowidar, Group CEO of e&, said: “e&’s financial results for the first half of this year are an outcome of our earnest endeavors to drive growth and enhance efficiencies, with a strong commitment to key strategic priorities to enable a better digital future and drive innovation.
e& achieved good performance despite global economic challenges characterized by soaring inflation, hike in interest rates and foreign currency devaluation. We will remain resilient and see these times as opportunities to deepen our focus and invest in the long term. As we navigate through the new global economic landscape, we will focus on our goal to create and deploy innovative solutions to positively impact people’s lives.
We have maximized our efforts in growing our core and digital services, by enriching consumers’ value propositions with digital services that cater to their new lifestyles and emerging demands beyond basic telecom services. Our telecoms business has been the growth engine behind our company and its transformation into a techco. This has helped solidify our leadership across our geographic footprint, as well as grow adjacencies organically and through acquisitions.
The e& digital transformation path has accelerated, empowering our customers across the digital marketplace realm, growing in fintech, providing holistic digital solutions and elevating the streaming experience to new heights. Our investment in Vodafone, for example, has great potential to drive value for both companies as we explore potential collaboration opportunities in the rapidly developing global telecom market and support the adoption of next-generation technologies. We are confident that the efforts during the first half of 2022 will help us be even better positioned to bring the full potential of the digital world to our customers across all segments by strategically building blocks that enable a future-ready business model.
We remain thankful to the UAE leadership, outstanding employees, customers and shareholders for their continued support. Our strength and determination rely on a collaborative ecosystem that moved us towards the decision of exploring new paths and reaching new horizons.”
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 existing subsidiaries for e& international, upholding the Group’s rich telecoms heritage, bolstering the strong telecoms network and maximizing 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 connectivity platforms in entertainment, retail and financial technology. To enable the digital transformation of governments, large-scale enterprises and corporates, e& enterprise focuses on maximizing value 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 mergers and acquisitions while maximizing shareholder value and strengthening global presence
