e&, the largest telecommunications operator in the United Arab Emirates, reported a significant increase in its net profit for the fourth quarter of 2022. The company, formerly known as Etisalat, revealed that its net profit after royalty rose by almost 25% to AED 2.7 billion ($730 million) due to a surge in subscribers. The increase in net profit was also attributed to higher income from associates and lower depreciation and amortization expenses.
The company’s revenue for the fourth quarter of 2022 dropped by 4% year-on-year to AED 13.1 billion. The decline in revenue was attributed to significant exchange rate volatility in currencies such as the Egyptian pound, Pakistani rupee, and Moroccan dirham, resulting from global macroeconomic turbulence. However, e&’s strong performance in the UAE and the growth of its local currency operations in Egypt and Pakistan offset the decline.
For the full financial year of 2022, e&’s net profit attributable to the owners of the company rose by 7.4% to AED 10 billion, while revenue dropped by 1.7% to AED 52.4 billion. The company’s Chairman, Jassem Alzaabi, highlighted e&’s commitment to creating long-term value for shareholders and serving customers through diversifying its business and revenue streams, expanding to new verticals, and introducing innovative services.
Founded in 1976 and based in Abu Dhabi, e& has operations in about 16 countries across the Middle East, Asia, and Africa. Last February, the company rebranded as part of its transformation into a global technology investment conglomerate, providing innovative digital solutions, smart connectivity, and next-generation technology through its various business pillars, including etisalat by e&, e& international, e& life, e& enterprise, and e& capital.
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