Telco giant e& has announced its financial results for the third quarter of 2023, reporting a year-on-year increase of 3.3% in consolidated revenues, reaching Dh13.4 billion ($3.65 billion). Consolidated net profit also increased by 20% to Dh3 billion. At constant exchange rates, consolidated revenue rose by 8% and consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 6.9%. Earnings per share also saw a 20% increase, reaching 34 fils per share.

The number of etisalat by e& subscribers in the UAE reached 14 million in Q3 2023, representing a 4.7% increase compared to the same period last year. The aggregate group subscribers reached 167 million, indicating a 3.3% growth rate.

Hatem Dowidar, Group CEO of e&, attributed the company’s strong performance to its resilience and commitment to delivering value and growth to customers and shareholders. Dowidar also emphasized e&’s focus on innovation and its efforts to make a positive impact in the societies it serves. He mentioned the company’s commitment to sustainable mobility and the use of AI-powered solutions to transform its business and empower societies digitally.

Looking ahead, Dowidar expressed the company’s determination to push the boundaries of technology and innovation. He acknowledged the support and trust of e&’s talented teams, loyal customers, and shareholders.

During the third quarter of 2023, e& achieved several key highlights and developments. The company introduced the world’s first AI-empowered autonomous telecom store called ‘EASE’, allowing customers to seamlessly purchase products and services. It also launched ‘Charge&Go’, an end-to-end holistic electric vehicle charging solution to support electric mobility in the UAE.

Additionally, e& became the ‘Principal Technology Partner’ for COP 28, showcasing its commitment to climate action and sustainable community growth. The company joined the World Economic Forum’s EDISON Alliance to promote global digital inclusion, collaborated with the UAE Ministry of Education to foster a digital-first mindset, and partnered with Earthlink to launch a telecoms training academy in Iraq.

On the global front, e& formed alliances with international giants such as SK Telecom, Deutsche Telekom, Singtel, and Indosat to launch a global alliance in AI for telecoms. These partnerships aim to pave the way for new innovations and the co-development of Telco AI platforms. Furthermore, e&’s achievements were recognized by being named ‘Middle East Operator of the Year’ at the Carrier Community Global Awards 2023.

Etisalat by e&, the company’s subsidiary, also made significant progress during the third quarter. It strengthened its market position by expanding its 5G services and introducing 5G standalone for mobile and fixed wireless area users. Collaborations with Microsoft resulted in the introduction of a new AI-powered virtual assistant. Etisalat by e& also formed an alliance with the UAE Cyber Security Council to enhance cybersecurity measures and launched various innovative offerings such as the social cloud-gaming platform ‘the Arena Challenge’.

Furthermore, etisalat by e& launched tailored solutions packages for start-ups and micro-enterprises, as well as Wi-Fi as a service to improve business connectivity. The subsidiary achieved TM Forum Silver certification for Open API compliance, demonstrating its leadership in the MENA region.

E& life, the company’s division focusing on media, entertainment, and digital financial services, redefined its offerings during the third quarter. It continued to innovate in the MENA entertainment market by acquiring exclusive key sport rights and launched the e& money prepaid card with cash rewards on purchases. The financial sector also experienced a spike in transactions through the e& money remittance service.

E& enterprise, another division of the company, remained at the forefront of digital transformation. It launched the e& enterprise Innovation Centre and collaborated with the Abu Dhabi Department of Economic Development to drive innovation and sustainability in manufacturing. E& enterprise’s fintech blockchain platform, UTC, welcomed Al Masraf as a new member, expanding its digital payments horizon through a partnership with Tap Payments and strengthening its digital infrastructure through a partnership with Informatica.

Finally, e& capital, the investment and tech innovation arm of the company, made strategic investments in promising startups that enable cutting-edge technologies. The firm participated in a $25 million Series A funding round and continued to demonstrate its commitment to driving innovation in the industry.

Overall, e& has showcased its resilience and commitment to delivering value and growth to its customers and shareholders. Through its focus on innovation, sustainability, and digital transformation, the company continues to lead the telecom and digital sectors, both locally and globally.