Financial Results

e& reports consolidated net profit of AED 9.3 billion

24 Feb 2022

Abu Dhabi, 24 February 2022: Etisalat Group, now known as e&, today announced its consolidated financial results for the Full Year ending 31st December 2021.

Financial Highlights for FY 2021




% change

Net Profit

AED 9.3bn

AED 9.0bn



AED 26.7bn

AED 26.4bn



AED 53.3bn

AED 51.7bn


Earnings per Share

AED 1.07

AED 1.04


Aggregate Group subscribers




Operational Highlights and Key Developments 2021

• Increased foreign ownership limit in share capital from 20% to 49%
• Increased ownership stake in Maroc Telecom Group from 48.4% to 53.0%
• e& (Etisalat Group) was recognised by Brand Finance as the world’s strongest telecom brand, the first in the Middle East and Africa (MEA) region to achieve this recognition
• ESG rating was upgraded from BBB to A by MSCI Global Index, reflecting continued efforts in sustainability
• Credit ratings by agencies S&P Global and Moody’s affirmed the Group’s high credit rating at AA-/Aa3 with a stable outlook
• Successfully completed a bonds issuance worth one billion Euros to refinance the maturing Euro bond tranche


Consolidated revenues for e& (Etisalat Group) increased by 3.2% to AED 53.3 billion, while Consolidated Net Profit rose to AED 9.3 billion, also representing a 3.2% increase year on year. Consolidated EBITDA amounted to AED 26.7 billion, representing a year-on-year increase of 1.0% and resulting in EBITDA margin of 50%.

During 2021, the Etisalat UAE subscriber base reached 12.7 million subscribers, while aggregated subscriber base reached 159 million, representing a year over year increase of 3.0%.

Board propose a dividend of AED 0.4 per share for H2 2021, representing a total dividend for FY2021 of AED 0.8 per share.

Across our footprint, we have shown strong financial performance compared with the prior year, despite persistent challenges in the markets in which we operate, including the measures introduced and overall recovery rates for the Covid-19 pandemic. The UAE ranks as number 1 on the Bloomberg Covid-19 Resilience Ranking. e& delivered strong financial performance across its major metrics, driven by international operations as well as steady improvements in domestic operations.

Strategy and new corporate identity

As part of its strategy, e& will enhance customers experiences across all segments by ideating, designing, and delivering a range of innovative and breakthrough technologies, driven by its track record of success. This strategy is aimed at accelerating growth through the creation of a resilient business model that is built on key pillars representing the group’s main business sectors.

Telecom will maintain the previous branding identity while upholding the Group’s rich telecoms heritage, bolstering our strong telecoms network and maximising value for its customer segments, in the UAE and internationally.

Ramping up the digital services for individual customers in order to elevate their digital-first lifestyle, e& life will bring next-generation technologies through smart connectivity platforms in entertainment, retail, mobility services and financial technology.

In order to enable the digital transformation of governments, large-scale enterprises and corporates,

e& enterprise focuses on maximising value 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 will allow the Group to focus our efforts on driving new mergers and acquisitions while maximising shareholder value and strengthening global presence.


With organisations and individuals fundamentally changing the way they conduct business; we are determined to stay agile and fit for the future. Our work is essential in bridging the gap between the telecom industry and what our customers need in the digital space. Looking ahead to 2022, we remain well-positioned to continually create innovative propositions so that our customers, businesses and communities feel cared for.

Commenting on the results, Chairman of e&, H.E. Jassem Mohamed Bu Ataba Alzaabi, said: “It is my great pleasure to present the financial results for the year 2021. e& celebrated multiple milestones, witnessed historical achievements, and saw strong financial performance, all of which I believe are setting us up for an even brighter digital future. The digital revolution spurred by the pandemic does not show signs of slowing down. In fact, telecom operators were faced with two choices: stay still and offer the same services or innovate to ensure business continuity and more importantly, achieve growth. We will continue to rise to the challenge and innovate at every opportunity presented to us because we firmly believe that we can make a difference in the lives of millions in a time of accelerated digitalisation, and we are ready to meet the demands of the future with confidence, resilience, and agility.

“I would like to extend our gratitude to the UAE leadership for inspiring us through their vision as we continue to go from strength to strength. It is an honour to be empowered as an organisation to amplify our growth prospects, charter our course into a more holistic digital transformation, develop new ICT capabilities, and build a new reality for all of us through next-generation digital connectivity and cutting-edge technologies.”

Hatem Dowidar, Chief Executive Officer of e&, added: “This has been an exceptional year during which we have witnessed robust financial performance and business growth across our operations. I am particularly proud of our performance set against the backdrop of another challenging year as we continued to navigate through the effects of the Covid-19 pandemic. Our domestic and international operations delivered a strong performance over the course of the year as a result of our continuous focus on maintaining growth.

“It was a great honour for us to be recognised as the world’s strongest telecom brand and the most valuable telecom brand portfolio in MEA, which is a testament to the success of our strategic initiatives, the building of one of the world’s fastest networks and, of course, our employees’ relentless dedication. I would like to extend my gratitude to the entire e& family, who continue to make us proud at every step of the way.

“Thanks to our customers and shareholders for their continued support of our business and vision as we move forward with our mission to pioneer broad-spectrum technologies, build breakthrough partnerships and uncover opportunities that will empower the future.”