UAE telecoms operator e& posts 7% rise in 2022 profit

Company has operations in about 16 countries across the Middle East, Asia and Africa

Last February, e& rebranded as it sought to transform into a global technology investment conglomerate. Photo: E-Vision

The UAE’s biggest telecoms operator e& — formerly known as Etisalat — reported a nearly 7.4 per cent rise in 2022 profit, despite revenue falling 1.7 per cent.

Profit attributable to the owners of the company in the January-December period jumped to Dh10 billion ($2.72 billion), e& said in a preliminary results statement to the Abu Dhabi Securities Exchange, where its shares are traded.

The company’s revenue during the period reached Dh52.4 billion.

Operating profit surged almost 1 per cent annually to more than Dh12.9 billion, and earnings per share reached Dh1.15, a surge of almost 7.5 per cent.

The company did not disclose its fourth-quarter earnings in the preliminary results.

Abu Dhabi-based e& was founded in 1976 and is the UAE's oldest telecoms company. It has operations in about 16 countries across the Middle East, Asia and Africa, serving more than 156 million customers.

Last February, e& rebranded as it sought to transform into a global technology investment conglomerate.

The company provides innovative digital solutions, smart connectivity and next-generation technology to a variety of customer segments through its business pillars — etisalat by e&, e& international, e& life, e& enterprise and e& capital.

In November, e& launched a $250 million venture capital fund as part of its new investment unit, e& capital, to support the tech start-up ecosystem. The e& capital VC fund will seek to attract, engage and support start-ups and provide them with access to investor and expert networks.