Financial Highlights

Financial Highlights for Q4 2023

Aggregate Subscriber Base – 169 million, representing a year over year increase of 4%
Consolidated Reported Revenues – AED 13.7 billion, representing a year over year increase of 5% with a constant currency growth of 7% fueled by growth across all markets
Consolidated Reported EBITDA – AED 5 billion, representing a year over year increase of 7% and 7% growth in constant currency, translating to an EBITDA Margin of 47% attributed to changes in revenue mix and inflationary pressures
Consolidated Net Profit After Royalty – AED 2.6 billion, representing a year over year decrease of 2% with a net profit margin of 19%
Consolidated Capital Spending – AED 2.5 billion, representing a decrease of 17% with an intensity ratio of 18%
Operating Free Cashflow – AED 4.0 billion, representing a year over year increase of 30% and a margin of 29%.

Key Developments in Q4 2023

e& successfully acquired 50.03% of Careem Technologies (known as Careem Everything App) in exchange for an investment of USD 400 million that will be invested to grow the business.
PTCL Group, a subsidiary of e& with effective economic ownership of 23.4%, has signed a Share Purchase Agreement with Telenor ASA (“Telenor”) to acquire a 100% stake in Telenor Pakistan based on an Enterprise Value of PKR 108bn on a cash free, debt free basis.
The Group has committed to achieving zero carbon emissions across its own operations (Scope 1 and 2) in all markets by 2040, embarking on a decisive journey towards environmental sustainability, building on the company’s previous commitment to be net zero across its own operations in the UAE by 2030.
The agreement amounts to AED 366 million (circa USD 100 million) where the proceeds of the loan will be used to finance eligible green projects, This signifies the Group’s commitment to sustainable practices and responsible financial management.
The Group is rolling out Electric Vehicle (EV) charging hubs with the soft launch of “Charge&Go”, a decision timed to sync with the growing number of EVs on local roads and the need for quick and easy access by drivers to charging networks.
etisalat by e&’s autonomous store experience, “EASE”, will bring the future of retail to the UAE, with its combination of AI, machine learning, facial recognition, smart gates, robotics, smart-shelves and smart dispensing machines to help customers to seamlessly purchase its products and services.
The Ministry of Finance has communicated guidelines that outlines the details of the new Telecom Federal Royalty regime that were effective from January 2024. This is in addition to the Corporate Tax Law.