UAE's leading telecom services company e& has recorded solid results for the first quarter, with its consolidated revenues surging to hit AED13 billion ($3.5 billion), up 6.6% over last year, while its aggregate subscriber numbers grew 3% y-oy- to 164 million.

 

Announcing its results for the three-month period ended March 31, 2023, e& said its net profit stood at AED2.2 billion while consolidated ebitda surged by 48% to hit AED6.2 billion.

 

In the UAE etisalat by e& recorded 13.9 million subscribers an increase of 6% compared to the same period of last year, The group’s aggregate subscribers reached 164 million, a YoY increase of 3%.

 

The group's focus on expanding its digital offering and launching innovative new solutions and partnerships with leading technology companies around the world as part of its drive to become a global technology player has driven business growth.

 

Through a series of prudent mergers and acquisitions, e& is strengthening its position focused on delivering innovative solutions and driving digital transformation.

 

Its key operational highlights and developments for the first three months include:

 

*The binding agreement inked with Uber Technologies and its subsidiary Careem to acquire a majority stake in Careem's Super App spinout with an investment of $400 million.

 

*The partnership with E-Space to develop satellite-based cloud-native digital and IoT solutions  

 

*The tieup with Intel to focus on the deployment of edge data centres with a focus on a net zero carbon footprint, incorporating the latest 4th generation Intel Xeon Scalable processors.

 

*The group's plan to integrate Microsoft Azure OpenAI GPT into its internal operations and processes, as well as a potential service to improve the customer experience and support the media industry in its daily tasks.

 

On the Q1 results, Group CEO Hatem Dowidar said: "Our performance indicates growth in the number of subscribers, revenues and profits in local currencies, but was impacted by the strong fluctuations in the currency exchange rate within the Egyptian and Pakistani markets."

 

"This growth can be attributed to the Group's flexibility and efforts to provide innovative business solutions and the latest technologies to the communities we serve. Furthermore, the group has succeeded in building unique digital experiences supported by strategic investments, to enhance our business portfolio," he noted.

 

"With a vision to create a more progressive business model, we have continued to explore new avenues, expand our offerings and forge new partnerships. Our recent investment in Careem's Super App is another strategic step in our transformation into a global technology group by bringing more digital services into our customers’ daily lives," stated Dowidar.

 

“We will continue to explore future technologies and develop new verticals that will accelerate digital transformation, positively impacting businesses and people’s lives while maximising value creation for our shareholders," he added.-TradeArabia News Service