e& (formerly Etisalat Group) has reported second quarter revenues of AED13.0 billion (USD3.5 billion), down 1.7% year-on-year, impacted by exchange rate volatility in Egypt, Pakistan and Morocco. At constant exchange rates, revenues would have risen by 4.2%, it said.
Consolidated EBITDA was stable at AED6.6 billion, while net profit after federal royalty was up 1.5% y-o-y at AED2.4 billion. The profit increase was attributed to higher income from associates, lower depreciation and amortisation expenses, and lower minority interest, which offset the impact of forex losses, higher interest expenses and a regulatory fine in Morocco.
The group, which has operations across the Middle East, Africa and Asia, claimed 160 million subscriptions at the end of June 2022, up 2.5% in twelve months. There was strong customer take-up in Egypt, UAE, Burkina Faso, Chad, Benin, Cote d’Ivoire and Pakistan.