e& today announced its consolidated financial results for fiscal year 2022 reporting an impressive growth in consolidated net profit by a record 7.4 per cent to AED 10.0 billion.
Consolidated revenues reached to AED 52.4 billion, a growth of 4.7 per cent year-over-year, at constant exchange rates, underpinned by the Group’s successful business transformation, expanding to new business verticals and diversifying the revenue streams.
Consolidated EBITDA increased by 3.7 per cent year-over-year at constant exchange rate, to AED 26.2 billion, leading to an EBITDA margin of 50 per cent, highlighting the strong profitability of e&’s operations.
Reporting strong growth in subscriber base in the UAE, etisalat by e& recorded 13.8 million subscribers, an increase of 8.8 per cent compared to last year, and the Group’s aggregate subscribers reached 163 million, an increase of 2.5 per cent over 2021.
Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of AED 0.40 per share for the second half (July to December) of 2022, representing a total dividend of AED 0.80 per share for FY 2022.
Financial Highlights for FY 2022
|Revenue||AED 52.4 billion||AED 53.3 billion||-1.7% *|
|Net Profit||AED 10.0 billion||AED 9.3 billion||+7.4%|
|EBITDA||AED 26.2 billion||AED 26.7 billion||-1.9% *|
|Earnings per Share||AED 1.15||AED 1.07||+7.4%|
|Aggregate Group Subscribers||163m||159m||+2.5%|
(*) At constant exchange rates, revenue increased by +4.7% percent and EBITDA increased by +3.7% percent year-over-year
e&’s pathbreaking evolution as a tech group
The impressive growth achieved by e& in 2022 underscores the success of the e&’s transformational evolution as a global technology and investment group. The strategic pivot reflected the vision of the Group’s leadership to embrace the new realities and stay ahead of the curve by delivering innovative digital solutions to its customers.
Building on its rich 47-year legacy of excellence, the Group achieved significant progress in its transformational journey by expanding into new business verticals, diversifying revenue streams, and optimising operations. This cemented e&’s position as a leading global technology group, delivering growth and building resilience despite global macroeconomic challenges.
The Group strengthened its partnerships regionally and globally to deliver high-value solutions that meet the evolving needs of communities and markets and fostering digitally connected communities.
The strong financial results are backed by e&’s focus in 2022 on unlocking new opportunities for growth and accelerating its innovation journey, by leveraging cutting edge technologies such as 5G, artificial intelligence, and the Internet of Things. This positioned the Group at the forefront of the digital era.
Operational Highlights of 2022 e&
Among the most significant operational highlights of e& in 2022 was the acquisition of 11% of Vodafone Group Plc (‘Vodafone’), which as of February 2023, has increased to 14%.
The Group was ranked as the most valuable portfolio of telecom brands in the MEA region by the Brand Finance Global 500 report.
In other key partnerships, e& signed a three-year MoU with Ericsson to build more sustainable future networks and entered a new phase of collaboration with Microsoft to drive innovation and digital transformation. Exploring the possibilities of emerging tech, e& partnered with Meta to drive innovation with enhanced Augmented Reality (AR) and Virtual Reality (VR) experiences and conversational commerce in its digital communication projects.
Further, e&, Abu Dhabi Digital Authority (ADDA) and Trend Micro partnered to launch Cyber Eye, an initiative designed to strengthen the Abu Dhabi Government entities’ cybersecurity capabilities.
Ranked as one of the best places to work in the MENA region by Forbes, e& continues to be a talent magnet and concluded its fourth cohort of the AI Graduate Programme onboarding the next generation of leaders.
Underscoring its focus on sustainability, e& committed to achieving net zero status for Scope 1 and 2 emissions within its Group’s operations in the UAE by 2030, complementing the nation’s Net Zero by 2050 Strategy. The Group also became the first UAE private sector entity to join the UAE Independent Climate Change Accelerators and launched the FutureNow Sustainability Challenge calling scale-ups from across the world to be part of developing innovative sustainable solutions.