Etisalat Group, now known as e&, said it earned a net profit of AED 9.3 billion ($2.53 billion) during the year ending 31 Dec 2021, a 3.2 percent increase compared to 2020.
In a statement, UAE’s largest telecom operator said that foreign ownership limit in share capital from 20 percent to 49 percent increased ownership stake in Maroc Telecom Group from 48.4 percent to 53 percent.
The statement said e& (Etisalat Group) was recognized by Brand Finance as the world’s strongest telecom brand, the first in the Middle East and Africa (MEA) region to achieve this recognition.
Consolidated EBITDA amounted to AED 26.7 billion, representing a year-on-year increase of 1 percent and resulting in EBITDA margin of 50 percent.
During 2021, the Etisalat UAE subscriber base reached 12.7 million subscribers, while aggregated subscriber base reached 159 million, representing a year over year increase of 3 percent.
The company has proposed a dividend of AED 0.4 per share for the second half of 2021, representing a total dividend for FY2021 of AED 0.8 per share.
“e& delivered strong financial performance across its major metrics, driven by international operations as well as steady improvements in domestic operations,” the statement said.
Chairman of e& Jassem Mohamed Bu Ataba Alzaabi, said, “The digital revolution spurred by the pandemic does not show signs of slowing down. In fact, telecom operators were faced with two choices: stay still and offer the same services or innovate to ensure business continuity and more importantly, achieve growth.”