The subscriber base of e& in the UAE grew by 6 per cent annually to 13.9 million in the first quarter of 2023. Photo: E-Vision
The subscriber base of e& in the UAE grew by 6 per cent annually to 13.9 million in the first quarter of 2023. Photo: E-Vision
The subscriber base of e& in the UAE grew by 6 per cent annually to 13.9 million in the first quarter of 2023. Photo: E-Vision
The subscriber base of e& in the UAE grew by 6 per cent annually to 13.9 million in the first quarter of 2023. Photo: E-Vision

UAE's e& posts $599m first-quarter profit as subscriber base grows


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UAE telecoms and technology company e&, formerly known as the Etisalat Group, recorded a net profit of Dh2.19 billion ($599 million) in the first quarter of 2023 as its subscriber base grew.

The company's UAE subscriber base grew by 6 per cent annually to 13.9 million while aggregate subscribers rose 3 per cent annually to 164 million, it said on Wednesday.

Revenue in the quarter stood at Dh13 billion ($3.53 billion), compared with Dh13 billion in the same period last year, the technology and investment group said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.

The 10 per cent annual drop in net profit, from Dh2.43 billion last year, was due to “strong fluctuations” in currency exchanges, said e& group chief executive Hatem Dowidar.

“The group’s performance in the first quarter indicates growth in the number of subscribers, revenues and profits in local currencies, but was impacted by the strong fluctuations in the currency exchange rate within the Egyptian and Pakistani markets,” he said.

The fluctuating exchange rates of the Egyptian pound and the Pakistani rupee, coupled with the “unprecedentedly” high inflation rates in the two markets have negatively affected revenue and profits reported in dirhams.

Earnings before interest, taxes, depreciation and amortisation (ebitda) stood at Dh6.2 billion in the three-month period, resulting in a margin of 48 per cent.

“This growth can be attributed to the group's flexibility and efforts to provide innovative business solutions and the latest technologies to the communities we serve,” Mr Dowidar said.

The group has also built unique digital experiences supported by strategic investments, to enhance its business portfolio, Mr Dowidar said.

Last month, e& signed a $400 million deal to acquire a majority stake in Careem’s Super App spin-off from Uber as part of efforts to expand its consumer digital offerings.

The company signed a binding agreement with Uber for a 50.03 per cent stake in Careem’s Super App business, e& said at the time.

“We will continue to explore future technologies and develop new verticals that will accelerate digital transformation, positively impacting businesses and people’s lives while maximising value creation for our shareholders,” Mr Dowidar said on Wednesday.

Abu Dhabi-based e& is expanding its presence and has been on acquisition spree.

It signed a deal last year with Abu Dhabi holding company ADQ to acquire a majority stake in video-streaming service Starzplay Arabia.

This year, e& 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.

POSSIBLE ENGLAND EURO 2020 SQUAD

Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.

The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

Schedule
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Federer's 11 Wimbledon finals

2003 Beat Mark Philippoussis

2004 Beat Andy Roddick

2005 Beat Andy Roddick

2006 Beat Rafael Nadal

2007 Beat Rafael Nadal

2008 Lost to Rafael Nadal

2009 Beat Andy Roddick

2012 Beat Andy Murray

2014 Lost to Novak Djokovic

2015 Lost to Novak Djokovic

2017 Beat Marin Cilic

Switching%20sides
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Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

The specs: 2019 BMW X4

Price, base / as tested: Dh276,675 / Dh346,800

Engine: 3.0-litre turbocharged in-line six-cylinder

Transmission: Eight-speed automatic

Power: 354hp @ 5,500rpm

Torque: 500Nm @ 1,550rpm

Fuel economy, combined: 9.0L / 100km

The%20BaaS%20ecosystem
%3Cp%3EThe%20BaaS%20value%20chain%20consists%20of%20four%20key%20players%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConsumers%3A%3C%2Fstrong%3E%20End-users%20of%20the%20financial%20product%20delivered%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDistributors%3A%3C%2Fstrong%3E%20Also%20known%20as%20embedders%2C%20these%20are%20the%20firms%20that%20embed%20baking%20services%20directly%20into%20their%20existing%20customer%20journeys%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEnablers%3A%3C%2Fstrong%3E%20Usually%20Big%20Tech%20or%20FinTech%20companies%20that%20help%20embed%20financial%20services%20into%20third-party%20platforms%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProviders%3A%3C%2Fstrong%3E%20Financial%20institutions%20holding%20a%20banking%20licence%20and%20offering%20regulated%20products%3C%2Fp%3E%0A
The biog:

From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them 

WE%20NO%20LONGER%20PREFER%20MOUNTAINS
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Inas%20Halabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENijmeh%20Hamdan%2C%20Kamal%20Kayouf%2C%20Sheikh%20Najib%20Alou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Boulder shooting victims

• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65

Updated: May 03, 2023, 7:52 AM