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e&, previously Etisalat Group, announced its consolidated financial results for the full year 2021. 3.2% YoY increase was observed across its consolidated net profit, revenue, and earnings per share, with increased foreign ownership limit in share capital from 20% to 49%.

Consolidated revenues for e& increased by 3.2% to AED 53.3 billion, while consolidated net profit rose to AED 9.3 billion, also representing a 3.2% YoY increase. Consolidated EBITDA amounted to AED 26.7 billion, representing a YoY increase of 1% and resulting in EBITDA margin of 50%.

During 2021, the Etisalat UAE subscriber base reached 12.7 million subscribers, while aggregated subscriber base reached 159 million, representing a YoY increase of 3%. Moreover, a total dividend of AED 0.8 per share was represented for FY 2021.

Commenting on the results, chairman of e&, HE Jassem Mohamed Bu Ataba Alzaabi, said, “It is my great pleasure to present the financial results for the year 2021. e& celebrated multiple milestones, witnessed historical achievements, and saw strong financial performance, all of which I believe are setting us up for an even brighter digital future. The digital revolution spurred by the pandemic does not show signs of slowing down. In fact, telecom operators were faced with two choices: stay still and offer the same services or innovate to ensure business continuity and more importantly, achieve growth. We will continue to rise to the challenge and innovate at every opportunity presented to us because we firmly believe that we can make a difference in the lives of millions in a time of accelerated digitalization, and we are ready to meet the demands of the future with confidence, resilience, and agility.”

“I would like to extend our gratitude to the UAE leadership for inspiring us through their vision as we continue to go from strength to strength. It is an honour to be empowered as an organization to amplify our growth prospects, charter our course into a more holistic digital transformation, develop new ICT capabilities, and build a new reality for all of us through next-generation digital connectivity and cutting-edge technologies,” Alzaabi continued.

With organisations and individuals fundamentally changing the way they conduct business, e& is determined to stay agile and fit for the future in bridging the gap between the telecom industry and what customers need in the digital space. Looking ahead to 2022, e& aims to remain well-positioned to continually create innovative propositions. 

Hatem Dowidar, chief executive officer of e&, added, “This has been an exceptional year during which we have witnessed robust financial performance and business growth across our operations. I am particularly proud of our performance set against the backdrop of another challenging year as we continued to navigate through the effects of the COVID-19 pandemic. Our domestic and international operations delivered a strong performance over the course of the year as a result of our continuous focus on maintaining growth.

“Thanks to our customers and shareholders for their continued support of our business and vision as we move forward with our mission to pioneer broad-spectrum technologies, build breakthrough partnerships and uncover opportunities that will empower the future,” Dowidar concluded.

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