Abu Dhabi – Mubasher: e& generated AED 4.70 billion in net profit attributable to the shareholders during the first half (H1) of 2023, versus AED 4.86 billion in H1-22.

Revenues stood at AED 26.61 billion as of 30 June 2023, up year-on-year (YoY) from AED 26.32 billion, according to the income statements.

The basic and diluted earnings per share (EPS) amounted to AED 0.54 in the first six months (6M) of 2023, an annual decline from AED 0.56.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the net profits attributable to the owners reached AED 2.52 billion, compared to AED 2.43 billion in the year-ago period.

The revenues hiked to AED 13.61 billion in Q2-23 from AED 12.99 billion in Q2-22, while the basic and diluted EPS went up to AED 0.29 from AED 0.28.

Dividends

The board of e& approved the distribution of interim dividends of 40 fils per share, equivalent to 40% of the share nominal value, for H1-23.

Meanwhile, the amount of the dividends will be paid to the shareholders registered at the closing of business day on Friday, 11 August 2023.

Jassem Mohamed Alzaabi, Chairman of e&, commented: “e&'s performance during H1-23 reinforces the resilience of our business model despite the challenging global macroeconomic environment.”

Expansion Plans in Europe

“We are also delighted to announce e&'s strategic expansion into the European market. With this move, we join forces with PPF to build and expand our international footprint in the attractive Central and Eastern Europe(CEE) region and beyond,” Alzaabi said.

“It is the next step of our transformation into a global technology group, offering e& multiple avenues to roll out its leading suite of [business-to-business] B2B and [business-to-consumer] B2C digital products in the CEE with significant synergies.”

He concluded: “e& will consolidate more than 10 million subscribers from this acquisition post-closing.”

In January-March 2023, the net profits attributable to the shareholders of the telecom firm dropped by 10.20% YoY to AED 2.18 billion from AED 2.43 billion.