The UAE’s Emirates Telecommunications Group Company has posted a 3% increase in full-year 2023 profit. In 2023, the company previously Etisalat and now known as e&, has obtained Dh10.3 billion in consolidated profits attributable to owners of the company, compared to Dh10 billion it recorded in 2022, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).
During the fiscal year 2023, e& recorded a consolidated revenue of Dh53.8 billion, an increase from the Dh52.4 billion reported the year prior.
The growth has been attributed to “outstanding commercial performance and robust overall economic growth in the UAE and international markets, alongside heightened demand for digital services,” e& said in a statement.
However, the company acknowledged the impact of market volatility in its financial performance.
“Revenue has been impacted by foreign exchange rate volatility in our international markets,” the company added. “At constant exchange rate, e& reported strong financial and operational performance, with a robust revenue increase of 8.3% year over year reflecting growth in all key markets.”
Earnings per share edged up to Dh1.18 in 2023 from Dh1.15 in 2022, while e&’s total assets were valued at Dh146.8 billion at the end of 2023, up from Dh145 billion a year earlier.
Earlier this year, e& and Cisco signed a Memorandum of Understanding (MoU) to collaborate on advanced connectivity solutions and services for UAE businesses.
The company has also expanded its international reach with the acquisition of Telenor’s Pakistan unit, a move aimed at tapping into the country’s expanding telecommunications market.
