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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How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
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How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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Five hymns the crowds can join in
Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday
Some 17 hymns will be sung by a 120-strong UAE choir
Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium
‘Christ be our Light’ as the entrance song
‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar
‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion
‘Tell out my Soul’ as the final hymn after the blessings from the Pope
The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’
There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia
The choir will be accompanied by a brass ensemble and an organ
They will practice for the first time at the stadium on the eve of the public mass on Monday evening
