UAE telecoms and technology company e&, formerly known as the Etisalat Group, reported a 7 per cent jump in its first quarter net profit as its number of subscribers grows.
Net profit attributable to the owners of the company for the three months to the end of March rose to Dh2.33 billion ($630 million), from Dh2.18 billion during the same period last year, the company said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the telecoms operator reached Dh14.2 billion in the first quarter, up 9 per cent compared with the Dh13 billion recorded in the same period last year.
The company's UAE subscriber base grew 4.5 per cent annually to 14.5 million while aggregate subscribers rose 5 per cent on an annual basis to 173 million. The mobile subscriber base increased by 5.3 per cent on a yearly basis to 12.8 million subscribers, attributed to "solid year-on-year growth in both the prepaid and postpaid segments", the company said. On the fixed platform, eLife subscriptions increased annually by 5.1 per cent to 1.2 million subscribers.
“The group’s efforts towards forming new partnerships across the business ecosystem to deploy emerging technologies that drive next-generation digital connectivity has played a significant role in this success journey,” said chairman Jassem Al Zaabi.
During the first quarter, e& and its partners in the Global Telco AI Alliance announced a joint venture to develop telecom-specific Large Language Models to boost customer service through advanced AI solutions.
During the last quarter, the company also made a commitment to the International Telecommunication Union’s Partner2Connect Digital Coalition, and pledged to invest $6 billion between this year and 2026 in technological advancement, infrastructure development and digital solutions to extend connectivity to communities across its markets.
In the UAE, e& became the first company outside North America to deploy Microsoft’s Azure Operator Nexus and Azure Operator 5G Core solutions.
“Our evolution as a tech-co that embraces the future is reflected in our Q1 financial results, building on the momentum of last year’s success,” said chief executive Hatem Dowidar.
The first quarter's performance “is a testament of the strategic choices we’ve made in diversifying our portfolio, fortifying our brand, and cementing partnerships in our unrelenting efforts to digitally empower the people and communities we serve while maximising value creation for our shareholders”, he said.
Last year, e& reported an increase of about 3 per cent in its 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, from Dh10 billion in 2022, the company said in February.
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.
Australia men's Test cricket fixtures 2021/22
One-off Test v Afghanistan:
Nov 27-Dec 1: Blundstone Arena, Hobart
The Ashes v England:
Dec 8-12: 1st Test, Gabba, Brisbane
Dec 16-20: 2nd Test, Adelaide Oval, Adelaide (day/night)
Dec 26-30: 3rd Test, Melbourne Cricket Ground, Melbourne
Jan 5-9, 2022: 4th Test, Sydney Cricket Ground, Sydney
Jan 14-18: 5th Test, Optus Stadium, Perth
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
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You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
