UAE Business: e& records $3.54bn revenue for Q3, net profit surges 1.9pc – Gulf Digital News

UAE Business: e& records $3.54bn revenue for Q3, net profit surges 1.9pc – Gulf Digital News

UAE's leading telecom services group e& (formerly known as Etisalat Group) today (November 1) reported a consolidated net profit of AED2.5 billion ($680.5 million), up 1.9% over the same period last year.

Announcing its financial results for Q3, e& said the telco's consolidated revenues surged to hit AED13 billion ($3.54 billion). At constant exchange rates, revenue increased by 5.5%, it stated. 

Consolidated ebitda in reporting currency reached AED6.7 billion, and increased by 6.9% in constant currency, resulting in an ebitda margin of 52%.

The number of etisalat by e& subscribers in the UAE reached 13.3 million in Q3, representing an increase of 11% over the same period last year, while aggregate group subscribers reached 162 million, up 4% over last year.

The other major operational highlights and developments for H1 2022 included:

*Partnered with AIG, a top insurer, to build a unique digital insurance offering across select e& international markets, where the product is accessed through various digital channels, including mobile apps.

*Formed a new company called e& enterprise iot and ai, following the complete acquisition of Smartworld 

*e& capital, the investment arm of e&, made a strategic investment in VUZ, a leading immersive social app and also