Financial Results

e& reports consolidated net profit of AED 2.5bn for Q3 2022

01 Nov 2022

Abu Dhabi: e& (formerly known as Etisalat Group) today announced its financial results for Q3 2022.

Financial Highlights for Q3 2022


Q3 2022

Q3 2021

Percent change

Percent change at constant exchange rate


AED 13.0 bn

AED 13.3 bn



Net Profit

AED 2.5 bn

AED 2.4 bn




AED 6.7 bn

AED 6.7 bn



Earnings per Share

AED 0.29

AED 0.28



Aggregate Group subscribers

162 million

155 million



(*) At constant exchange rates, revenue increased by 5.5% percent and EBITDA increased by 6.9% percent year-over-year

e&’s key operational highlights and developments for Q3 2022

• Maroc Telecom was named the best internet experience in Morocco with the highest network performance speed by OpenSignal.
• Ufone 4G, an operating company of PTCL and a subsidiary of e&, was named the leading 4G services provider in Pakistan by OpenSignal.
• e& signed a multi-year strategic partnership with Abu Dhabi Motorsports Management, as a founding partner of Formula 1 Etihad Airways Abu Dhabi Grand Prix, the biggest sporting event in the Middle East.

UAE Telco

• Partnered with Emirati Talent Competitiveness Council (ETCC) to participate in the NAFIS initiative that will involve the hiring of more than 500 Emirati professionals in its retail, customer service, technology and IT space in a span of five years.
• Implemented an end-to-end MS Teams direct routing services in the UAE for Juma Al Majid Holding Group, moving from an on-premise legacy telephony to a cloud-based solution.
• Completed the first trial of the 6GHz spectrum extending the bandwidth of 5G and enhanced network performance.
• Launched an exclusive offer for senior citizens holding ‘Thukher’ or ‘Barakatna’ card to avail up to 60 percent on four ‘Freedom’ postpaid plans.
• Launched the all-new business proposition, ‘Business Pro,’ to meet the digital needs of businesses.
• Introduced upgraded and dedicated internet connectivity services, ‘Digital Internet’ and ‘Digital Premium Internet’ for the business community.
• Launched its virtual world, e& universe, at GITEX Global 2022.

e& international

• 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.

e& enterprise

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

e& capital

• e& capital, the investment arm of e&, made a strategic investment in VUZ, a leading immersive social app and also funded Lablabee, a tech startup which will grow the world’s first hands-on lab platform for the telco cloud

e& life

• evision, the entertainment streaming division of e& life, and ADQ, an Abu Dhabi-based investment and holding company, successfully completed the acquisition of 57 percent of Starzplay Arabia, a subscription video on demand (SVSOD) and streaming service provider in the Middle East and North Africa.
• evision acquired exclusive broadcast and media rights for DP World Asia Cup which will be broadcast only on the CricLife MAX channel in the MENA region.
• evision also launched a new trilingual South Indian movie channel ‘Emasala Simply South’ in partnership with Simply South, the largest online streaming platform.

Q3 Overview

e&’s consolidated revenues reached AED 13.0 billion, while consolidated net profit was AED 2.5 billion, a year-over-year increase of 1.9 percent. At constant exchange rates, revenue increased by 5.5 percent. Consolidated EBITDA in reporting currency reached AED 6.7 billion, and increased by 6.9 percent in constant currency, resulting in an EBITDA margin of 52 percent.

The number of etisalat by e& subscribers in the UAE reached 13.3 million in Q3 2022, representing an increase of 11 percent over the same period last year, while aggregate group subscribers reached 162 million, a 4 percent increase.


e&’s solid performance underpins the ongoing progress of the Group’s ambitious plans since it entered a new chapter of its journey as a global technology and investment conglomerate earlier this year. The establishment of focused business pillars as part of its transformation journey has contributed to its organisational agility, and allowed for strong strategic partnerships as the Group continues to explore the diversification of its local and international portfolios.

Hatem Dowidar, Group CEO of e&, said: “e&’s performance in Q3 2022 reflects our unwavering commitment to accomplishing more for the benefit of our customers, shareholders and the communities we serve. We are focusing our efforts on adopting flexible and agile business models that fuel our growth through innovation and creating new value propositions. Given that e& was built on strong foundations, we remain confident in leading change for growth by reinforcing our commitment to enhancing the quality of our innovative solutions to meet and surpass our customer expectations through the accelerated digitalisation seen in the business landscape. We will continue our efforts to seize new growth opportunities and pursue strong partnerships that will ultimately maximise the potential of a holistic digital transformation for our customers, and the societies we serve.

“We would like to extend our gratitude to the UAE leadership for their inspiring vision so that we can continue to digitally empower societies and enable a brighter, digital future. We also thank our customers and shareholders for their unwavering support and trust, and our employees for their tireless commitment towards our goal to Make Possible. Our resilience to spearheading digital transformation journeys will be enhanced as we drive value from our core, build a stronger regional footprint leadership, grow our adjacencies organically and achieve exemplary results for the benefit of all.”

Etisalat Group has changed its brand identity to e&, effective from 23 February 2022. Its strategy aims to accelerate growth through the creation of a resilient business model representing the Group’s main business pillars. The telecoms business currently continues to be led by etisalat by e& in e&’s home market and by e& international in its international markets, upholding the Group’s rich telecoms heritage, bolstering the strong telecoms network and maximising value for the Group’s various customer segments. Ramping up the digital services for individual customers to elevate their digital-first lifestyle, e& life brings next-generation technologies through smart platforms in entertainment, retail and financial technology. To maximise the digital potential of governments, large-scale enterprises and corporates, e& enterprise focuses on delivering innovative digital vertical value propositions through its end-to-end solutions in cybersecurity, cloud, Internet of Things (IoT) and Artificial Intelligence (AI), as well as deploying mega projects. e& capital allows the Group to focus its efforts on driving new investments while maximising shareholder value and strengthening global presence.