Abu Dhabi, UAE–e& has posted a net profit of $600 million for the first quarter of 2023, while its consolidated revenues touched $3.53 billion.
At constant exchange rates, revenue increased by 6.6 per cent. Its consolidated EBITDA reached $1.68 billion, resulting in an EBITDA margin of 48 per cent.
In the UAE etisalat by e& recorded 13.9 million subscribers an increase of 6 per cent compared to the same period of last year. The group’s aggregate subscribers reached 164 million, a YoY increase of 3 per cent.
The group’s focus on expanding its digital offering and launching innovative new solutions and partnerships with leading technology companies around the world as part of its drive to become a global technology player has driven business growth.
Through a series of prudent mergers and acquisitions, e& is strengthening its position focused on delivering innovative solutions and driving digital transformation.
The financial performance in Q1 2023 further strengthened e &’s global position as the most valuable telecoms brand portfolio in the Middle East and Africa, according to 2023 Brand Finance, while the group’s largest telecoms brand, etisalat by e&, continued to deliver outstanding innovative services as one of the three top telecoms brands in the world, and retained its position as the strongest telecom brand across all categories in the MEA region.
Hatem Dowidar, Group CEO, e&, said: “The group’s performance in the first quarter indicates growth in the number of subscribers, revenues, and profits in local currencies, but was impacted by the strong fluctuations in the currency exchange rate within the Egyptian and Pakistani markets. This growth can be attributed to the group’s flexibility and efforts to provide innovative business solutions and the latest technologies to the communities we serve. Furthermore, the Group has succeeded in building unique digital experiences supported by strategic investments, to enhance our business portfolio.
“Etisalat by e& Egypt and PTCL in Pakistan successfully achieved their strategic goals by enhancing their customers’ digital experience while achieving growth based on local currency revenues, the strong fluctuations in the exchange rates of the Egyptian pound and the Pakistani rupee, coupled with the unprecedentedly high inflation rates in the two markets, have negatively impacted revenues and profits reported in AED. As a result, these effects were evident in the Group’s consolidated results.