e&, UAE’s telecom services operator, announced its financial results for FY 2022, reporting solid growth with a consolidated profit of AED 10B ($2.72B), a 7.4% increase compared to the previous year. The company’s revenues also surged, reaching AED 52.4B, posting a YoY growth of 4.7% at constant exchange rates.
The company’s successful business transformation, expansion into new business verticals, and diversification of revenue streams were the key drivers of this growth. The consolidated EBITDA increased by 3.7% YoY at constant exchange rates, leading to an EBITDA margin of 50%, highlighting the strong profitability of the company’s operations. e&’s impressive growth in 2022 underlines the success of the company’s transformational evolution into a global technology and investment group.
The company’s leadership’s strategic pivot toward delivering innovative digital solutions to its customers has enabled it to stay ahead of the curve and embrace the new realities. The company has expanded into new business verticals, diversified revenue streams, and optimized operations, cementing its position as a leading global technology group and building resilience despite global macroeconomic challenges, according to Trade Arabia.
The Group has expanded its partnerships globally and regionally, to deliver high-value solutions that cater to the evolving needs of markets and communities, thus creating digitally connected communities. The company’s robust financial results are a result of its focus on unlocking new opportunities for growth and accelerating its innovation journey, leveraging advanced technologies like 5G, artificial intelligence, and the Internet of Things. This has positioned the company at the forefront of the digital era.
The company has reported strong growth in the number of subscribers in the UAE. Etisalat, owned 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.
The company’s board of directors has 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, underlining the company’s commitment to creating value for its shareholders.
The Chairman of the company, Jassem Mohamed Bu Ataba Alzaabi, said that the company’s exceptional financial results are a testament to the success of its business transformation strategy. He further added that the company’s priority was to be a digital transformation champion and create unique solutions that cater to the aspirations of its subscribers and economies.
The CEO of the company, Hatem Dowidar, said that 2022 was a defining year for the company as it strengthened its transformation into a global technology and investment group, committed to digitally empowering societies. He further added that despite global challenges, the company achieved impressive results, reinforcing its leadership position in highly competitive and evolving markets.
