Abu Dhabi, UAE — e& has posted a net profit of AED 4.7 billion ($1.27 billion) for the first half of 2023, down 3 percent year on year, and a 1.1 percent increase in consolidated revenues to AED 26.6 billion.
In a statement, the company said its consolidated EBITDA reached AED 12.8 billion, resulting in an EBITDA margin of 48 percent.
In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 5.1 percent compared to the same period of last year. The Group’s aggregate subscribers reached 165 million, a YoY increase of 3.1 percent.
The company said it has signed a binding agreement with PPF Group (PPF) to acquire a controlling stake (50 percent + 1 share economic stake) in PPF Telecom Group’s (PPF Telecom) assets in Bulgaria, Hungary, Serbia, and Slovakia. PPF Telecom is the telecommunications division of PPF.
Jassem Mohamed Obaid Bu Ataba Alzaabi, Chairman, e&, said, “e&’s performance during the first half of the year reinforces the resilience of our business model despite the challenging global macroeconomic environment.”
“Today we are also delighted to announce e&’s strategic expansion into the European market. With this move, we join forces with PPF to build and expand our international footprint in the attractive Central and Eastern Europe region and beyond,” he said.