e& posts 20% jump in third-quarter net profit on increased subscribers

Dubai: e& posted a 20 per cent rise in net profit to Dh3 billion in the third quarter of 2023, as the telecom-tech giant recorded higher number of subscribers during the period.

During the quarter, consolidated revenue increased 3.3 per cent to Dh13.4 billion, & reported on Tuesday. The number of etisalat by e& subscribers in the UAE amounted to 14 million in Q3, an increase of 4.7 per cent over the same period last year, while aggregate group subscribers grew 3.3 per cent to 167 million.

“e&’s strong performance this quarter is a testament to our resilience,” said Hatem Dowidar, Group CEO, while adding that the group remains committed to transforming the business with AI-powered solutions.

e&’s strong performance this quarter is a testament to our resilience.. Looking ahead, we will continue to push the boundaries of technology and innovation

- Hatem Dowidar, Group CEO

AI-powered push

In line with this technology-driven strategy, e& launched an AI-empowered autonomous telecom self-service store ‘EASE’ during the quarter, to allow customers to purchase its products and services seamlessly.

Extending its reach into new areas, it recently also took a step to support electric mobility in UAE and forayed into EV charging networks in the UAE, with the soft launch of ‘Charge&Go’. All of which builds on its technological knowhow and investments.

“Looking ahead, we will continue to push the boundaries of technology and innovation, while our strong performance serve as a stepping stone toward a future where we continue to pioneer advancements and create even more value for all our stakeholders,” added Dowidar on Tuesday.

On the global front, e& has joined forces with international giants such as SK Telecom, Deutsche Telekom, Singtel and Indosat to launch a global alliance in AI for telecoms. “This alliance will pave the way for new innovations and co-development of the Telco AI platform. A partnership with Indosat promises to improve voice communication between Indonesia and the UAE by providing high quality IDD [International Direct Dialing] services,” it added.

5G advancements

etisalat by e& continued to expand its 5G services during the third quarter, it noted in its filing, by introducing 5G Stand-Alone (SA) for mobile users, following the launch of the 5G SA service for Fixed Wireless Area (FWA) users. Additionally, collaborations have also extended to Microsoft, resulting in a new AI-powered virtual assistant, the company said.

For etisalat by e&, steady investments and expansion of its 5G operations are starting to show up in multiple ways. An obvious one is the take up rates for the high-speed networks from business and retail clients. But the new service add-ons show there is a lot more that 5G can drive, most notably the customer experience part of it.

In 5G, the group successfully deployed ‘mmWave’ over 10 kilometres recently, and this set up the foundation for commercial 5G private networks, flagged Masood M. Sharif Mahmood, CEO of Etisalat UAE operations, earlier this month.

Overseas tie-ups

Strategic partnerships during the quarter also included a collaboration between e& international and Vodafone Business that resulted in the acquisition of a major customer, to develop a software-driven network, the company added in its statement.

e& life too made significant progress in the third quarter, enhancing its offerings with STARZPLAY and acquisition of exclusive key sport rights for the MENA market such as ICC Cricket World Cup or Rugby World Cup. It also saw the launch of the e& money prepaid card and the introduction of rewards on prepaid card spends during the period.

Moreover, the group said the digital payments horizon of e& enterprise has been “expanded through the collaboration with Tap Payments, and the commitment to providing cutting edge digital infrastructure has been strengthened through the partnership with Informatica to accelerate data modernisation and governance in the UAE.”