e&, formerly known as Etisalat Group, announced its financial results for Q3 2022. The telco’s consolidated revenues reached AED 13 billion, an increase of 5.5% at constant exchange rates. Consolidated net profit was AED 2.5 billion, a YoY increase of 1.9%. At constant exchange rates, its revenue increased by 5.5%.
The number of etisalat by e& subscribers in the UAE reached 13.3 million in Q3 2022, representing an increase of 11% over the same period last year, while aggregate group subscribers reached 162 million, a 4% increase.
e& Financial Highlights for Q3 2022
e&’s solid performance underpins the ongoing progress of the Group’s ambitious plans since it entered a new chapter of its journey as a global technology and investment conglomerate earlier this year. The establishment of focused business pillars as part of its transformation journey has contributed to its organizational agility and allowed for strong strategic partnerships, as the Group continues to explore the diversification of its local and international portfolios.
e& Group CEO Hatem Dowidar said: “e&’s performance in Q3 2022 reflects our unwavering commitment to accomplishing more for the benefit of our customers, shareholders and the communities we serve. We are focusing our efforts on adopting flexible and agile business models that fuel our growth through innovation and creating new value propositions. Given that e& was built on strong foundations, we remain confident in leading change for growth by reinforcing our commitment to enhancing the quality of our innovative solutions to meet and surpass our customer expectations through the accelerated digitalization seen in the business landscape. We will continue our efforts to seize new growth opportunities and pursue strong partnerships that will ultimately maximize the potential of a holistic digital transformation for our customers and the societies we serve.”
Exclusive: e&: The Transformation Journey
“Our resilience to spearheading digital transformation journeys will be enhanced as we drive value from our core, build a stronger regional footprint leadership, grow our adjacencies organically and achieve exemplary results for the benefit of all,” concluded Dowidar.
Here are some of e&’s key operational highlights and developments for Q3 2022:
- e& signed a multi-year strategic partnership with Abu Dhabi Motorsports Management as a founding partner of Formula 1 Etihad Airways Abu Dhabi Grand Prix, the biggest sporting event in the Middle East.
- etisalat by e& implemented an end-to-end MS Teams direct routing service in the UAE for Juma Al Majid Holding Group, moving from an on-premise legacy telephony to a cloud-based solution.
- etisalat by e& completed the first trial of the 6GHz spectrum, extending the bandwidth of 5G and enhanced network performance.
- etisalat by e& launched the all-new business proposition Business Pro to meet the digital needs of businesses.
- etisalat by e& introduced upgraded and dedicated internet connectivity services known as Digital Internet and Digital Premium Internet for the business community.
- e& enterprise formed a new company called e& enterprise iot and ai, following its complete acquisition of Smartworld.
- evision, the entertainment streaming division of e& life, and ADQ, an Abu Dhabi-based investment and holding company, successfully completed the acquisition of 57% of Starzplay Arabia, a subscription video on demand (SVSOD) and streaming service provider in the Middle East and North Africa.
