UAE telco e&’s profit surges 20% on higher revenue

Telecoms giant e& (formerly Etisalat) reported a 20 percent year-on-year increase in net profit for the third quarter of 2023 as revenue rose and its subscriber base reached an all-time high.

Earnings reached AED3 billion ($810 million) in the July-September quarter, compared to AED2.5 billion a year earlier.

Revenue edged up three percent year on year to AED13.4 billion, while Ebitda increased by 2.7 percent to AED6.9 billion.

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The subscriber base reached 14 million in the third quarter, rising 4.7 percent year on year.

Aggregate group subscribers reached 167 million, up 3.3 percent annually, due to net additions of 5.4 million users during the last 12 months in the UAE, Egypt, Pakistan, Chad, Burkina Faso, Afghanistan, Togo, Niger and Benin.

The mobile subscriber base increased by 5.6 percent annually to 12.3 million on solid annual growth in both the prepaid and postpaid segments. The total broadband segment remained steady year on year at 1.3 million subscribers.

The company’s nine-month net profit rose five percent year on year to AED7.7 billion, as revenue jumped 20 percent year on year to AED40 billion.

Capital expenditure reached AED1.8 billion, an 11 percent increase year on year in the third quarter, while the capex stood at AED4.8 billion in the first nine months of 2023.