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.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
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What is myofascial or trigger-point release?
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October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
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March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
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November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
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December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
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December 9: UAE joins the United Nations.
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World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
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