STOCK e& (formerly known as Etisalat Group)
e&'s strong 2022 showings were driven by robust UAE numbers. It was also a year in which e& went big on tech and also became a partner in a new digital bank. Image Credit: Ahmed Ramzan/Gulf News

Dubai: Solid returns from its home market ensured e& (formerly Etisalat) strike net profits of Dh10 billion against Dh9.3 billion a year ago. It could have been higher if not for FX rate volatility in some of the international markets the UAE telecom giant operates in.

If not for that, ‘in constant currencies, e& delivered string operational and financial performance leading to an increase in revenue by 4.7 per cent’. Revenues came in slightly lower, at Dh52.43 billion against Dh53.34 billion, which is where the hits from currency rate volatility showed up.

It was in 2022 that e& went in for something deeper than just a change of name and brand identity. It created verticals that aggressively went in for acquisitions and launches, including being part of a new UAE-based digital bank Wio, while the enterprise division acquired technology services firms. There was also the acquiring of a majority in the OTT platform Starzplay Arabia.

e&, which has a Dh234.8 billion market cap, is trading at Dh27, a dip of 0.74 per cent. For 2021, the company had issued a dividend of Dh0.8.