UAE telecom major e& posts net profit of $1.3 billion in the first half of 2022

The company’s consolidated revenues reached AED 26.3 billion during the January-June period, WAM reported.

The company said the number of e& subscribers in the UAE reached 13.3 million in H1 2022, representing an increase of 10 percent over the same period last year.

The aggregate group subscribers during the period reached 160 million, up by 2.5 percent.

The company board also approved an interim dividend of 40 fils per share for H1 2022.

Jassem Mohamed Obaid Bu Ataba Alzaabi, chairman of e&, said the company’s first half financial performance demonstrated its commitment, continued efforts and relentless focus on realising the vision of driving the digital future to empower societies.

“Our success is underpinned by our drive to make a positive change in the societies we serve, while adding value to our shareholders,” Ataba Alzaabi said.

He said the company has embraced digitisation, with a continuous innovation ethos to charter its course into a more holistic digital transformation for its communities and societies.

Hatem Dowidar, Group CEO of e&, said, the company could achieve good performance despite global economic challenges characterised by soaring inflation, hike in interest rates and foreign currency devaluation.

“We will remain resilient and see these times as opportunities to deepen our focus and invest in the long term,” he said.

Dowidar said the company has maximised efforts in growing its core and digital services by enriching consumers’ value propositions, with digital services that cater to their new lifestyles and emerging demands beyond basic telecom services.

“Our telecoms business has been the growth engine behind our company and its transformation into a techco. This has helped solidify our leadership across our geographic footprint, as well as grow adjacencies organically and through acquisitions,” he added.