e& posts Dhs4.9 billion net profit in H1

e& (formerly known as Etisalat Group) on Monday announced its financial results for H1 2022. The company recorded a consolidated net profit of Dhs4.9 billion for the first half of 2022, a 2.5 per cent increase over the same period in 2021.

e&’s consolidated revenues amounted to Dhs26.3 billion during the first half of 2022. At constant exchange rates, revenue increased by 3.8 per cent. Consolidated EBITDA remained steady in reporting currency at Dhs13.4 billion, while increased by 4.1 per cent in constant currency, resulting in an EBITDA margin of 51 per cent.

The number of etisalat by e& subscribers in the UAE reached 13.3 million in H1 2022, representing an increase of 10 per cent over the same period last year, while aggregate group subscribers reached 160 million, a 2.5 per cent increase.

The company earning per share was Dhs0.56 compared to Dhs0.55 (+2.5%). The board has approved an interim dividend of 40 fils per share for the first half of 2022.

The company acquired approximately 2,766 million shares in Vodafone Group Plc (“Vodafone”), representing 9.8% of Vodafone’s issued share capital (excluding treasury shares) and completed the acquisition of elGrocer, under the Smiles brand. e& launched region’s first Telco NFT collection to strengthen blockchain legacy.

Commenting on the H1 2022 results, Jassem Mohamed Obaid Bu Ataba Alzaabi, Chairman of e&, said: “e&’s performance during the first half of the year demonstrates our unwavering commitment, continued efforts and relentless focus on realising our 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. Our financial performance reinforces e&’s success story and its strong standing, tackling the challenges and rising to every opportunity to execute our ambitious plans we embarked on earlier this year and set the momentum for the remainder of 2022.”