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e& announced its consolidated financial results for fiscal year 2022, reporting an impressive growth in consolidated net profit by a record 7.4% to AED 10.0 billion.

Consolidated revenues reached AED 52.4 billion, a growth of 4.7% year-over-year at constant exchange rates, underpinned by the Group’s successful business transformation, which included expanding to new business verticals and diversifying the revenue streams.

Consolidated EBITDA increased by 3.7% year-over-year at a constant exchange rate to AED 26.2 billion, leading to an EBITDA margin of 50%.

Reporting strong growth in subscriber base in the UAE, etisalat by e& recorded 13.8 million subscribers, an increase of 8.8% compared to last year, and the Group’s aggregate subscribers reached 163 million, an increase of 2.5% over 2021.

Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of AED 0.40 per share for the second half (July to December) of 2022, representing a total dividend of AED 0.80 per share for FY 2022.

Financial Highlights for FY2022

Commenting on the results, Chairman of e&, H.E. Jassem Mohamed Bu Ataba Alzaabi, said, "We are inspired by the UAE’s leadership to push our boundaries and be at the forefront of the digital era by developing next-generation digital connectivity and cutting-edge solutions.

“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.”

Meanwhile, Hatem Dowidar, Group chief executive officer of e&, noted, "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.”

Brief Operational Highlights of 2022


Among the most significant operational highlights of e& in 2022 was the acquisition of 11% of Vodafone Group Plc (Vodafone), which, as of February 2023, has increased to 14%.

The Group was ranked as having the most valuable portfolio of telecom brands in the MEA region by the Brand Finance Global 500 report.

e& international

e& international delivered strong performance across its footprint, growing year-over-year revenues by double digits in Egypt and Pakistan in local currency, gaining market and value share and improving its customer experience significantly to achieve the number one NPS position in most of its markets.

etisalat by e&

etisalat by e& evolved as one of the most innovative and competitive entities in 2022, thanks to several strategic milestones, including the acquisition of elGrocer, which strengthened its Smiles online marketplace.

e& life

evision, the entertainment division of e& life, completed the transaction for the acquisition of a 57% majority stake in STARZPLAY Arabia, a subscription video on demand (SVOD) and streaming service provider in the Middle East and North Africa, through the evision-led consortium with ADQ, an Abu Dhabi-based investment and holding company.

eWallet was rebranded as “e& money” to position itself as the Group's fintech arm and financial super app marketplace. As a result of the value of its services and premium customer experience, e& money was awarded the best wallet in the region by the MENA Fintech Association.

e& enterprise

Creating exceptional value for its customers, e& enterprise partnered with G42 to establish UAE’s largest data center provider under Khazna Data Centers. It has also formed a joint venture with Bespin Global to build the largest pure-play cloud managed and professional services provider in the METAP region while making a minority investment in Bespin Global’s holding company to participate in the success story of a leading global cloud-managed service provider.

e& capital

In the significant milestones during 2022, e& capital announced its $250 million e& capital Venture Capital (VC) fund and made a strategic investment in VUZ, a leading immersive social app, as well as its funding of Lablabee, a tech startup that will grow the world’s first hands-on lab platform for the telco cloud.

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