e& reports consolidated net profit of AED 4.9 billion for H1 2022, up 2.5 percent

August 3, 2022

Since e&’s evolution into a global technology and investment conglomerate earlier this year, the company has continued its journey with steady progress in creating innovative solutions using next-generation technologies and pursuing strong local, regional and international mutually beneficial partnerships that create value and benefit our customers, enterprises and communities.

e&’s consolidated revenues in H1 2022 reached AED 26.3 billion, while consolidated net profit was AED 4.9 billion, a year-over-year increase of 2.5 percent. At constant exchange rates, revenue increased by 3.8 percent. Consolidated EBITDA remained steady in reporting currency at AED 13.4 billion, while increased by 4.1 percent in constant currency, resulting in an EBITDA margin of 51 percent.

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

Key operational highlights and developments for H1 2022

  • e&:
    • Board approves interim dividend of 40 fils per share for H1 2022
    • Acquired approximately 2,766 million shares in Vodafone Group Plc (“Vodafone”), representing 9.8% of Vodafone’s issued share capital (excluding treasury shares)
    • Completed the acquisition of elGrocer, under the Smiles brand
    • Launched region’s first Telco NFT collection to strengthen blockchain legacy
    • Announced the readiness of SmartHub Datacentre as the future telecom hub in the region
    • Partnered with G42 to create the UAE and Middle East’s largest data centre provider, Khazna Data Centers, to support the creation of a digital ecosystem
    • Entered a new phase of collaboration and strategic partnership with Microsoft to drive innovation and digital transformation
    • Open Radio Access Network (RAN) MoU comprising of Middle East operators including e& opened the region’s first centralised test lab in collaboration with TIP and Intel
    • Partnered with Meta to drive innovation with enhanced Augmented Reality (AR) and Virtual Reality (VR) experiences and conversational commerce in its digital communication projects
    • e&, Abu Dhabi Digital Authority (ADDA) and Trend Micro partnered to launch Cyber Eye, an initiative to strengthen the Abu Dhabi Government entities’ cybersecurity capabilities
  • Etisalat UAE, by e&:
    • Announced the refreshed brand identity in line with the Group’s new positioning earlier this year
    • Launched GoChat Messenger, an all-in-one free voice and video calling app
    • Launched the UAE’s first-of-its-kind Easy Insurance, an innovative insurance platform offering digital services for auto, health and travel insurance
    • Parnered with Amazon to offer eero and Echo devices for the very first time in the country and expanded collaboration with Amazon Web Services (AWS) to serve key industries and meet the growing demand for digitalisation across different industries
    • In collaboration with industry leading vendors, Etisalat UAE launched the first global live multi-vendors VoNR (Voice over New Radio) ecosystem
    • Recognised outstanding small and medium businesses (SMBs) and start-ups at the second edition of the SMB awards
    • Smiles partnered with Mohammed Bin Rashid Al Maktoum Global Initiative (MBRGI) to support the global “One Billion Meals” campaign during the holy month of Ramadan
  • e& international:
    • Etisalat Egypt announced its brand identity as etisalat by e&, following the celebration of its 15th year anniversary of operations
    • Etisalat Egypt and Honeywell signed an MoU to offer new services and products in the field of IoT and smart cities
    • Announced discussions with Mobily regarding a potential offer to increase its shareholding in Mobily
    • PTCL successfully deployed AirPON, an innovative Fibre-to-the-Home solution, in its Fiber Access Network
  • e& life, from e&:
    • eWallet rebranded as e& money, the new fintech company as well as the financial super app marketplace
    • E-Vision and Abu Dhabi Developmental Holding Company PJSC (ADQ), signed a binding agreement to acquire approximately 57 percent in STARZPLAY ARABIA
    • ejunior, owned by E-Vision, celebrated its successful 21-year journey in the UAE
  • e& enterprise, from e&:
    • Partnered with DataRobot to launch an Enterprise AI as a Services (AIaas) for supporting governments’ digital transformation journey support
    • Partnered with NICE to bring the CXone cloud platform to the UAE
    • Collaborated with Oracle, to host business solutions for Transguard Group to lower the total cost of ownership (TCO) by over 40 percent in five years

 

by Anil George
Avid follower of all things tech. In between his quest for the ultimate gizmo, Anil fiddles with light meters, collects rare books and feeds his fetish for Jap horror movies. As Managing Editor of T3 Middle East for the GCC, Anil oversees content direction across print and digital. He was a CES 2020 Innovation Awards Judge, reprising his role as an Innovation Awards Judge at CES 2018, CES 2017, 2016 and 2015. Anil is also the Middle East's first Brand Ambassador for Ashdown Engineering. Reach him at: editor@t3me.com.