UAE telecoms and technology company e&, formerly Etisalat Group, has reported an increase of about 3 per cent in its 2023 net profit on the back of robust economic growth in the markets it serves.
Net profit attributable to shareholders of the company in the 12 months ended December rose to more than Dh10.3 billion ($2.8 billion), from Dh10 billion in 2022, the company said in preliminary results filed with the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue climbed by about 2.5 per cent annually to Dh53.8 billion while total assets were up by about 1 per cent to Dh146.83 billion. Earnings per share stood at Dh1.18, from Dh1.15 in the previous year.
The Abu Dhabi-based company did not include fourth-quarter figures in its preliminary results.
E& mainly attributed its 2023 results to “outstanding commercial performance and robust overall economic growth in [the] UAE and international markets, alongside heightened demand for digital services”.
However, it said revenue was affected by foreign exchange rate volatility in the international markets it serves.
“At constant exchange rates, e& reported strong financial and operational performance,” it said, noting its revenue increase reflected growth in all of its key markets.
With the telecoms industry disrupted heavily by technology, operators are rapidly transforming their operations to add new revenue lines as competition intensifies.
E& is open to acquisitions or partnerships that will allow it to diversify its portfolio, expand locally and overseas, and increase its consumer base, the company's executives previously told The National.
The company is also projected to lead revenue growth in the GCC telecoms sector this year as companies shore up their assets in new international markets, according to Moody's Investors Service.
By acquiring assets in new regions and offering products and services there, telecoms companies are expected to boost their 2023-2024 revenue by an average of 3 per cent, the New York-based rating agency's study showed.
In December, e& wholly acquired the Pakistani unit of Norwegian telecoms operator Telenor in a push to cater to the South Asian country's growing market.
The UAE company continues to acquire and invest in start-ups in an attempt to boost its digital services amid heightened demand from consumers in a digital economy.
Earlier in December, e& completed the acquisition of a 50.03 per cent stake in Careem Technologies, commonly known as Careem Everything App, for $400 million, allowing it to tap into several digital services and expand its reach across different geographies.
In August, the conglomerate's investment arm, e& capital, led a $5 million series A funding round for Maxbyte, an Abu Dhabi-based technology company providing Fourth Industrial Revolution solutions in the automotive, defence, utilities and food and beverage sectors.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
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Courtesy: Crystal Intelligence
