Financial Highlights


Financial Highlights for Q1 2023

  • Aggregate Subscriber Base – 164 million, representing a year over year increase of 3%
  • Consolidated Reported Revenues – AED 13.0 billion, representing a year over year decline of 2% with a constant currency growth of 7% fueled by growth across all markets
  • Consolidated Reported EBITDA – AED 6.2 billion , representing a year over year decline of 9% and 2.5% in constant currency, translating to an EBITDA Margin of 48% attributed to changes in revenue mix and inflationary pressures
  • Consolidated Net Profit After Royalty – AED 2.2 billion, representing a year over year decrease of 10% with a net profit margin of 17% due to forex losses and cost of funding related to the investment in Vodafone Group where dividend will be realized in H2 2023
  • Consolidated Capital Spending – AED 1.1 billion, representing a decline of 33% with an intensity ratio of 8%
  • Operating Free Cashflow – AED 5.1 billion, representing a year over year decrease of 1% and a margin of 39%.

Key Developments in Q1 2023

  • e& signed a binding agreement with Uber Technologies, Inc. to acquire a majority stake of 50.03% in Careem’s super app business in exchange for an investment of USD 400 million in the company.
  • e& has consolidated its position as the most valuable portfolio of telecom brands in the Middle East and Africa (MEA), according to the 2023 Brand Finance Global 500 Report.
  • e& international signed a Memorandum of Understanding with Tunisie Telecom to join the 'e& partner networks' business programme developed to collaborate with telecom-operating companies in regional markets.
  • e& announced a strategic partnership with Mastercard that will see consumers and businesses benefit from a variety of new technologies and user-friendly experiences while transforming digital payments.
  • e& becomes one of the first digital conglomerates in the MENA region to utilise GPT capabilities in Azure OpenAI Service to enhance its customer service and products.
  • e& completed the acquisition of ServiceMarket, acquiring 100% of shareholding of the online marketplace. This acquisition is in line with the Group’s strategy to empower consumers, strengthen Smiles online marketplace presence and drive diversification of our business.
  • etisalat by e& announced successful deployment and testing of 5G Portable Private Network MEC (Multi-access Edge Computing) functionality in collaboration with Huawei Technologies.
  • etisalat by e& announced the launch of the Mobile Security Operation Centre (MSOC) in collaboration with the UAE Cybersecurity Council to provide business customers with real-time protection services.
  • e& and E-Space announced plans to develop advanced global IoT, Smart-IoT and digital transformation solutions to maximise the value of borderless smart connectivity.
  • e& has joined 5G Open Innovation Lab’s (5G OI Lab) global innovation ecosystem.

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