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e& records $3.54bn revenue for Q3, net profit surges 1.9pc
ABU DHABI, November 1, 2022
UAE's leading telecom services group e& (formerly known as Etisalat Group) today (November 1) reported a consolidated net profit of AED2.5 billion ($680.5 million), up 1.9% over the same period last year.
Announcing its financial results for Q3, e& said the telco's consolidated revenues surged to hit AED13 billion ($3.54 billion). At constant exchange rates, revenue increased by 5.5%, it stated.
Consolidated ebitda in reporting currency reached AED6.7 billion, and increased by 6.9% in constant currency, resulting in an ebitda margin of 52%.
The number of etisalat by e& subscribers in the UAE reached 13.3 million in Q3, representing an increase of 11% over the same period last year, while aggregate group subscribers reached 162 million, up 4% over last year.
The other major operational highlights and developments for H1 2022 included:
*Partnered with AIG, a top insurer, to build a unique digital insurance offering across select e& international markets, where the product is accessed through various digital channels, including mobile apps.
*Formed a new company called e& enterprise iot and ai, following the complete acquisition of Smartworld
*e& capital, the investment arm of e&, made a strategic investment in VUZ, a leading immersive social app and also funded Lablabee, a tech startup which will grow the world’s first hands-on lab platform for the telco cloud
*e& signed a multi-year strategic partnership with Abu Dhabi Motorsports Management, as a founding partner of Formula 1 Etihad Airways Abu Dhabi Grand Prix, the biggest sporting event in the Middle East.
*Completed the first trial of the 6GHz spectrum extending the bandwidth of 5G and enhanced network performance.
*Launched its virtual world, e& universe, at GITEX Global 2022.
*evision, the entertainment streaming division of e& life, and ADQ, an Abu Dhabi-based investment and holding company, successfully completed the acquisition of 57 percent of Starzplay Arabia, a subscription video on demand (SVSOD) and streaming service provider in the Middle East and North Africa.
On the outlook, e& said its solid performance underpins the ongoing progress of the group’s ambitious plans since it entered a new chapter of its journey as a global technology and investment conglomerate earlier this year.
The establishment of focused business pillars as part of its transformation journey has contributed to its organisational agility, and allowed for strong strategic partnerships as the Group continues to explore the diversification of its local and international portfolios, it stated.
Group CEO Hatem Dowidar said: "e&’s performance in Q3 2022 reflects our unwavering commitment to accomplishing more for the benefit of our customers, shareholders and the communities we serve. We are focusing our efforts on adopting flexible and agile business models that fuel our growth through innovation and creating new value propositions."
"Given that e& was built on strong foundations, we remain confident in leading change for growth by reinforcing our commitment to enhancing the quality of our innovative solutions to meet and surpass our customer expectations through the accelerated digitalisation seen in the business landscape," he noted.
"We will continue our efforts to seize new growth opportunities and pursue strong partnerships that will ultimately maximise the potential of a holistic digital transformation for our customers, and the societies we serve," he added.-TradeArabia News Service