The group was named the strongest telecom brand in the world in January 2022, and also topped the Forbes MENA Top 10 most valuable listed companies in the UAE. Image Credit: Supplied

Dubai: UAE telecom giant e& has reported a net profit of Dh2.4 billion in the first quarter of the year, representing a year-on-year increase of 3.6 per cent.

Consolidated revenues amounted to Dhs13.3 billion, recording an annual increase of 0.8 per cent, according to financial results released by the group on Monday.

Its profits before interest, taxes, depreciation, and amortisation (EBITDA) reached at Dh6.8 billion, representing a year-on-year increase of 0.5 per cent and resulting in EBITDA margin of 51 per cent.

Annual earnings increased by 3.5 per cent, while profits before EBITDA reported an annual increase of 2.8 per cent.

The group’s base of subscribers in the UAE amounted to 13.1 million, while the total subscribers of e& jumped to 159 million, a 2 per cent increase compared to the same period last year.

The group approved cash dividend of 0.8 per share for 2021.

The first-quarter results are a continuation of the strong performance the company has achieved over the past year, driven by growing demand for digital and data services, due to the resilience and agility shown across our business operations,” Hatem Dowidar, CEO of e&, said.