e& consolidated revenues at $7.24 bln during first half, up 1.1 pct

e& announced on Tuesday its consolidated financial results for H1 2023 and that it has signed a binding agreement with PPF Group to acquire a controlling stake ( 51 percent share economic stake) in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia, and Slovakia. PPF Telecom is the telecommunications division of PPF.
e&’s consolidated revenues during the H1 2023 reached $7.24 billion (Dh. 26.6 billion) a year-on-year increase of 1.1 per cent. Consolidated net profit recorded Dh. 4.7 billion while consolidated EBITDA reached AED 12.8 billion, resulting in an EBITDA margin of 48 per cent.

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In the UAE, etisalat by e& recorded 13.9 million subscribers — an increase of 5.1 per cent compared to the same period of last year, The group’s aggregate subscribers reached 165 million, a year-on-year increase of 3.1 per cent.
Jassem Mohamed Obaid Bu Ataba Alzaabi, Chairman, e&, said: “e&’s performance during the first half of the year reinforces the resilience of our business model de-spite the challenging global macroeconomic environment. This was also the result of our teams’ relentless efforts to remain committed to our vision and drive sustaina-ble growth, making a positive change in the societies we serve while adding value to our shareholders.
Today we are also delighted to announce e&’s strategic expansion into the Europe-an market. With this move, we join forces with PPF to build and expand our international footprint in the attractive Central and Eastern Europe region and beyond. It is the next step of our transformation into a global technology group, offering e& multiple avenues to roll-out its leading suite of B2B and B2C digital products in the CEE with significant synergies.”
Hatem Dowidar, Group CEO, e&, said: “Over the past six months, we have demonstrated a strong sense of resilience and adaptability. Our relentless focus on excellence and innovation has allowed us to thrive in the dynamic landscape of the telecommunications and technology sectors, maintaining our growth momentum.
This growth was also fueled by harnessing the power of our technological prowess, leveraging our expertise to forge new paths, disrupt industries, and transform the way we do business on a global scale. Our commitment to pushing boundaries and embracing change has positioned us as a true trailblazer in the digital era.”

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