UAE telecoms and technology company e&, formerly known as the Etisalat Group, reported that its net profit jumped 20 per cent in the third quarter as its subscriber base grew.
Consolidated net profit in the three-month period ended on September 30 increased to Dh3 billion ($816 million), the company said in a statement on Tuesday.
Revenue in the quarter reached Dh13.4 billion, up 3.3 per cent year on year.
“We remain committed to lead the change by taking our first steps in sustainable mobility and transforming our business with AI [artificial intelligence]-powered solutions while realising our vision of digitally empowering societies,” said Hatem Dowidar, e&’s group chief executive.
Total group subscribers reached 167 million in the last quarter, about five million more than the same period last year.
In the UAE market, the number of subscribers reached 14 million in the third quarter, up 4.7 per cent on a yearly basis.
In the September quarter, e&'s earnings before interest, taxes, depreciation and amortisation increased nearly 2.7 per cent annually to Dh6.9 billion.
The company is currently in the process of expanding its footprint and has been on an acquisition spree.
This is part of a broader shift in the telecoms industry, where companies are incorporating new technology into their operations to grow their customer bases and introduce additional sources of revenue.
The Abu Dhabi-headquartered company has increased its stake in Vodafone Group to 14 per cent as it continues to consolidate its shareholding in the British company as part of its international expansion plans.
In August, e& capital – the investment unit of the global technology conglomerate e& – led a $5 million series A funding for Maxbyte, an Abu Dhabi-based technology firm.
In July, e& said it was considering acquiring a stake in Ethiopia's Ethio Telecom, which would potentially boost its international portfolio. That would potentially give e& access to 25 other countries across Europe, North America, Asia and Africa.
In May, it invested $60 million for a 10 per cent stake in South Korea’s cloud management company Bespin Global, and also formed a joint venture that will provide public cloud services in the region.
In April, it signed a $400 million deal to acquire a majority stake in Careem’s Super App.
It has also joined forces with international companies such as SK Telecom, Deutsche Telekom, Singtel and Indosat to launch a global alliance in AI for telecoms.
“This alliance will pave the way for new innovations and co-development of the telco AI platform,” e& said.
Brief scores
Day 1
Toss England, chose to bat
England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Killing of Qassem Suleimani
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Killing of Qassem Suleimani
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 
