Abu Dhabi – Mubasher: e&, formerly known as Etisalat Group, logged net profits attributable to the owners valued at AED 2.18 billion in the first quarter (Q1) of 2023, an annual decline of 10.20% from AED 2.43 billion.
The telecom group posted revenues amounting to AED 13 billion as of 31 March 2023, a 2.50% year-on-year (YoY) decrease from AED 13.33 billion, according to consolidated interim statements.
Basic and diluted earnings per share (EPS) retreated to AED 0.25 in the first three months (3M) of 2023, versus AED 0.28 in the year-ago period.
Meanwhile, the total assets increased to AED 146.72 billion in Q1-23 from AED 145.08 billion as of 31 December 2022.
On a quarterly basis, the Q1-23 net profits shrank by 17.80% from AED 2.65 billion in Q4-22, while the revenues edged down by 1% from AED 13.13 billion.
Hatem Dowidar, Group CEO of e&, highlighted: "The group’s performance in Q1-23 indicates growth in the number of subscribers, revenues, and profits in local currencies, but was impacted by the strong fluctuations in the currency exchange rate within the Egyptian and Pakistani markets.”
Dowidar elaborated: “This growth can be attributed to the Group's flexibility and efforts to provide innovative business solutions and the latest technologies to the communities we serve.”
“Furthermore, the group has succeeded in building unique digital experiences supported by strategic investments, to enhance our business portfolio,” the CEO said.
Earlier this month, the ADX-listed firm disbursed AED 6.95 billion as cash dividends for 2022.
Last year, the net profits attributable to the shareholders of e& jumped by 7.40% to AED 10 billion from AED 9.31 billion in the January-December 2021 period.
