The Q1 2023 financial results of e& have been announced, indicating consolidated revenues of AED 13.0B. At a constant exchange rate, the revenue has increased by 6.6%.
The consolidated net profit amounted to AED 2.2B, and consolidated EBITDA reached AED 6.2B, which resulted in an EBITDA margin of 48%. In the UAE, etisalat by e& has recorded 13.9 million subscribers, a 6% increase from the same period last year.
The Group’s total subscribers have reached 164 million, representing a YoY increase of 3%. The Group has emphasized its focus on expanding its digital offering, launching innovative new solutions, and partnering with leading technology companies worldwide, as part of its strategy to become a global technology player and drive business growth, according to WAM.
e& is strengthening its position by engaging in a series of careful mergers and acquisitions, with a focus on delivering innovative solutions and driving digital transformation.
The Group’s financial performance in Q1 2023 has further solidified its global position as the most valuable telecoms brand portfolio in the Middle East and Africa, according to the 2023 Brand Finance.
etisalat by e&, the Group’s largest telecoms brand, has continued to provide exceptional innovative services and retained its position as one of the top three telecoms brands globally and the strongest telecom brand in all categories in the MEA region.
Hatem Dowidar, e&’s Group CEO, stated that the first-quarter performance showed growth in the number of subscribers, revenues, and profits in local currencies, despite being impacted by the currency exchange rate fluctuations in the Egyptian and Pakistani markets.
This growth is a result of the Group’s flexibility and efforts to provide innovative business solutions and state-of-the-art technologies to the communities it serves. Additionally, the Group has invested strategically to create unique digital experiences that enhance its business portfolio.
etisalat by e& Egypt and PTCL in Pakistan have accomplished their strategic objectives of enhancing their customers’ digital experience and achieving growth through local currency revenues.
However, the fluctuating exchange rates of the Egyptian pound and the Pakistani rupee, along with the high inflation rates in both markets, have had an adverse impact on revenues and profits reported in AED. Consequently, these effects were visible in the Group’s consolidated results.
