UAE's leading telecom services operator e& has reported solid growth for FY 2022 netting a consolidated profit of AED10 billion ($2.72 billion) up 7.4% over the previous year.
Announcing its results for the 12-month period ended December 31, 2022, e& said its consolidated revenues surged to hit AED 52.4 billion, thus posting a growth of 4.7 per cent year-over-year, at constant exchange rates, underpinned by the group’s successful business transformation, expanding to new business verticals and diversifying the revenue streams.
Consolidated ebitda increased by 3.7 per cent year-over-year at constant exchange rate, to AED 26.2 billion, leading to an ebitda margin of 50 per cent, highlighting the strong profitability of e&’s operations.
The impressive growth achieved by e& in 2022 underscores the success of the e&’s transformational evolution as a global technology and investment group. The strategic pivot reflected the vision of the Group’s leadership to embrace the new realities and stay ahead of the curve by delivering innovative digital solutions to its customers, said the company in its statement.
Building on its rich 47-year legacy of excellence, the Group achieved significant progress in its transformational journey by expanding into new business verticals, diversifying revenue streams, and optimising operations. This cemented e&'s position as a leading global technology group, delivering growth and building resilience despite global macroeconomic challenges.
The Group strengthened its partnerships regionally and globally to deliver high-value solutions that meet the evolving needs of communities and markets and fostering digitally connected communities.
The strong financial results are backed by e&’s focus in 2022 on unlocking new opportunities for growth and accelerating its innovation journey, by leveraging cutting edge technologies such as 5G, artificial intelligence, and the Internet of Things. This positioned the Group at the forefront of the digital era.
Reporting strong growth in subscriber base in the UAE, etisalat by e& recorded 13.8 million subscribers, an increase of 8.8 per cent compared to last year, and the Group’s aggregate subscribers reached 163 million, an increase of 2.5 per cent over 2021.
Underlining the Emirati telco group’s commitment to value creation for its shareholders, the e&’s board of directors have proposed a dividend of AED 0.40 per share for the second half (July to December) representing a total dividend of AED 0.80 per share for FY 2022.
On the solid results, Chairman Jassem Mohamed Bu Ataba Alzaabi said: "The exceptional financial results achieved by e& is a strong testament to the success of our business transformation strategy. From diversifying our business and revenue streams to expanding to new verticals and introducing innovative services, we had a laser focus on leveraging the potential offered by digital transformation to create value for our 163 million subscribers across 16 markets."
"As one of the top global telecom companies by market capitalisation today, our foremost priorities in 2022 was to be the digital transformation champion and create unique solutions that meet the aspirations of our subscribers, while delivering added value to the economies we serve. We take pride in being the trusted digital and tech partner, and in bringing the latest innovations to the fingertips of our customers," he added.
Group CEO Hatem Dowidar said: "2022 has been a defining year for e& as we strengthened our transformation into a global technology and investment group committed to digitally empowering societies. Despite various global challenges, our domestic and international operations achieved impressive results, reinforcing our leadership position in highly competitive and evolving markets."
"Our strong fundamentals, knowledgeable and passionate team, and focus on developing innovative solutions, products, and services positioned us as one of the top providers across the communities we serve, as we empower them to unlock the true potential of the digital era. Our growth mindset enables us to achieve our goals while creating additional and long-term value for our customers and shareholders," he added.-TradeArabia News Service
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