International Finance

UAE telecom giant e& reports 20% growth in Q3 net profit

As of Q3, e&'s subscribers had reached 14 million, representing a 4.7% increase from the same period last year

UAE telecommunications giant e&, previously known as Etisalat, has reported a 20% increase in net profit from the previous year. The company’s revenue also grew to AED13.4 billion ($3.6 billion), and subscribers reached their highest level ever.

In the third quarter alone, e& generated a total net income of AED3 billion, which is half a billion dirhams more than its AED2.5 billion earnings in the same period last year, according to a statement from the company.

Consolidated revenues increased by 3.3% to AED13.4 billion, while Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose by 2.7% to AED6.9 billion.

As of Q3, e&’s subscribers had reached 14 million, representing a 4.7% increase from the same period last year. The company’s aggregate group subscribers also reached a new high of 167 million, marking a 3.3% growth.

The company once again reported the largest subscriber count in the Group’s history. In a report on the Abu Dhabi Securities Exchange (ADX), the business said, “This translated to net additions of 5.4 million during the last 12-month period, mainly due to strong subscriber acquisition in Egypt, Pakistan, UAE, Chad, Burkina Faso, Afghanistan, Togo, Niger, and Benin.”

The number of mobile subscribers increased by 4.6% annually to 12.3 million, with “solid” growth reported in the prepaid and postpaid segments of 3.8% and 11.5%, respectively. The number of broadband users overall stayed constant at 1.3 million.

Hatem Dowidar, Group CEO of e&, stated that the business will keep “pushing boundaries of technology and innovation.”

“We remain committed to lead the change by taking our first steps in sustainable mobility and transforming our business with AI powered solutions while realising our vision of digitally empowering societies,” CEO Hatem Dowidar added.

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