e& (formerly known as Etisalat Group) has posted a net profit of AED 2.4 billion ($653 million) for the first quarter of 2022, a year-over-year increase of 3.6 percent.
The company said its consolidated revenues increased by 0.8 percent to AED 13.3 billion, while EBITDA reached AED 6.8 billion, an increase of 0.5 percent year-over-year, resulting in an EBITDA margin of 51 percent.
At constant exchange rates, revenue increased by 3.5 percent and EBITDA increased by 2.8 percent year-over-year.
The number of Etisalat UAE subscribers reached 13.1 million in Q1 2022, while aggregate group subscribers reached 159 million, representing an increase of 2 percent over the same period last year.
Hatem Dowidar, Group CEO of e&, said: “Our first quarter results are a testament to the effectiveness with which we have begun the new chapter of our journey as a global technology and investment conglomerate that digitally empowers societies.”