The UAE government left no stone unturned to help the economy cope with the pandemic - and it was indeed successful in meeting those aims. The UAE also aspires to be a leader in the 5G domain to advance technology and communication throughout the region. As a result, the UAE ranks No. 1 on the Bloomberg Covid-19 Resilience rankings.
All of which is reflected in the numbers of e& (formerly the Etisalat Group). As of end first quarter 2022, e&'s consolidated revenues had increased by 0.8 per cent to Dh13.3 billion, and net profit by 3.6 per cent to Dh2.4 billion. With a market valuation of Dh300.3 billion, it is one of the largest telecom operators in the Middle East.
Etisalat UAE had 13.1 million subscribers, while aggregate group-wide subscribers were at 159 million, representing an increase of 2 per cent over the same period last year. e& delivered a strong financial performance across all key metrics, driven by higher demand for digital and data services and the group’s ability to leverage superior networks. Through its evolution into a global tech and investment conglomerate, e& has created innovative solutions and targeted acquisitions and value creation partnerships with consumers, businesses, and societies.
Neat ‘grocery’ buy
The first-quarter results are a testament to the company's effectiveness. The shareholders also approved the distribution of a full-year cash dividend of 80 fils per share for 2021. Other milestones included the acquisition of elGrocer, under the ‘Smiles’ brand. In addition, the company has partnerships with Microsoft to drive digital transformation and with Meta for enhanced augmented and virtual reality experiences.
The group will continue to focus on driving mergers and acquisitions while strengthening its global presence and maximizing shareholder value. The telecom behemoth aims to explore new avenues of growth, expand offerings, enhance the quality of solutions, forge new partnerships and launch several digital initiatives to support SMEs, government agencies, and large enterprises.
As consumer preferences and market dynamics change constantly, e& maintained steady growth throughout 2021 and the first quarter of this year. The enterprise pays a trailing 12-month dividend yield of 2.32 per cent.