In the first quarter of 2023, Dubai-based company E& reported a consolidated revenue of Dh13 billion.
Global telecommunications and technology giant, e&, has released its consolidated financial results for Q1 2023, revealing that the company generated a revenue of Dh13 billion, a YoY increase of 6.6% at constant exchange rates. The company’s consolidated net profit recorded Dh2.2 billion, while consolidated EBITDA reached Dh6.2 billion, leading to an EBITDA margin of 48%.
In the UAE, e& recorded an increase of 6% in subscribers, with a total of 13.9 million subscribers. The Group’s aggregate subscribers reached 164 million, a YoY increase of 3%.
Its digital offering and launching innovative new solutions and partnerships with leading technology companies globally has been a major driving force behind its growth.
Hatem Dowidar, Group CEO of e&, expressed his satisfaction with the company’s performance, stating that the growth in the number of subscribers, revenues, and profits in local currencies can be attributed to the company’s flexibility and efforts to provide innovative business solutions and the latest technologies to the communities it serves.
However, the company’s performance was impacted by strong fluctuations in currency exchange rates within the Egyptian and Pakistani markets.
Despite this setback, e& is continuing to explore future technologies and develop new verticals that will accelerate digital transformation and positively impact businesses and people’s lives while maximizing value creation for shareholders.
The company’s success is largely attributed to its focus on delivering unique digital experiences, supported by strategic investments, which have enhanced its business portfolio and positioned it as a global technology player.
As part of its digital transformation strategy, e& has invested heavily in new technologies such as 5G, IoT, and AI, enabling it to deliver innovative solutions that meet the evolving needs of its customers. The company has also entered into strategic partnerships with leading technology companies worldwide, allowing it to leverage cutting-edge technologies and enhance its offerings further.
e& is committed to driving digital transformation in the UAE and beyond, and its Q1 2023 financial results indicate that it is well on track to achieving its goals. The company’s focus on innovation and its ability to adapt to market changes have positioned it as a leader in the telecommunications and technology sector, and its continued growth is a testament to its dedication to providing the best possible solutions to its customers.
In addition to its commitment to driving digital transformation, e& is also focused on sustainability and social responsibility. The company has implemented several initiatives aimed at reducing its environmental impact, such as investing in renewable energy and reducing greenhouse gas emissions.
e& has also launched several social responsibility initiatives aimed at supporting local communities and promoting social welfare. One such initiative is the e& Foundation, which is focused on improving access to education, healthcare, and other basic necessities in the communities in which e& operates.
The company’s dedication to sustainability and social responsibility has helped to enhance its reputation as a responsible corporate citizen, and has earned it the trust and loyalty of its customers.
Looking ahead, e& is well-positioned to continue its growth trajectory and expand its reach globally. The company’s focus on innovation and digital transformation, combined with its commitment to sustainability and social responsibility, sets it apart from its competitors and positions it as a leader in the telecommunications and technology sector.
As technology continues to evolve rapidly, e& remains committed to exploring future technologies and developing new verticals that will accelerate digital transformation and deliver the best possible solutions to its customers.
In conclusion, e&’s Q1 2023 financial results reflect the company’s commitment to innovation, sustainability, and social responsibility. The company’s focus on delivering unique digital experiences, investing in new technologies, and strategic partnerships with leading technology companies has helped to drive its growth and enhance its reputation as a global technology player.
