The UAE’s biggest telecoms operator e& — formerly known as Etisalat — reported a nearly 7.4 per cent rise in 2022 profit, despite revenue falling 1.7 per cent.
Profit attributable to the owners of the company in the January-December period jumped to Dh10 billion ($2.72 billion), e& said in a preliminary results statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The company’s revenue during the period reached Dh52.4 billion.
Operating profit surged almost 1 per cent annually to more than Dh12.9 billion, and earnings per share reached Dh1.15, a surge of almost 7.5 per cent.
The company did not disclose its fourth-quarter earnings in the preliminary results.
Abu Dhabi-based e& was founded in 1976 and is the UAE's oldest telecoms company. It has operations in about 16 countries across the Middle East, Asia and Africa, serving more than 156 million customers.
Last February, e& rebranded as it sought to transform into a global technology investment conglomerate.
The company provides innovative digital solutions, smart connectivity and next-generation technology to a variety of customer segments through its business pillars — etisalat by e&, e& international, e& life, e& enterprise and e& capital.
In November, e& launched a $250 million venture capital fund as part of its new investment unit, e& capital, to support the tech start-up ecosystem. The e& capital VC fund will seek to attract, engage and support start-ups and provide them with access to investor and expert networks.
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
The five pillars of Islam
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UAE currency: the story behind the money in your pockets
Europa League group stage draw
Group A: Villarreal, Maccabi Tel Aviv, Astana, Slavia Prague.
Group B: Dynamo Kiev, Young Boys, Partizan Belgrade, Skenderbeu.
Group C: Sporting Braga, Ludogorets, Hoffenheim, Istanbul Basaksehir.
Group D: AC Milan, Austria Vienna , Rijeka, AEK Athens.
Group E: Lyon, Everton, Atalanta, Apollon Limassol.
Group F: FC Copenhagen, Lokomotiv Moscow, Sheriff Tiraspol, FC Zlin.
Group G: Vitoria Plzen, Steaua Bucarest, Hapoel Beer-Sheva, FC Lugano.
Group H: Arsenal, BATE Borisov, Cologne, Red Star Belgrade.
Group I: Salzburg, Marseille, Vitoria Guimaraes, Konyaspor.
Group J: Athletic Bilbao, Hertha Berlin, Zorya Luhansk, Ostersund.
Group K: Lazio, Nice, Zulte Waregem, Vitesse Arnhem.
Group L: Zenit St Petersburg, Real Sociedad, Rosenborg, Vardar
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Killing of Qassem Suleimani
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
