e& Reports a $3.5bln Consolidated Revenue in Q1 2023

e& has announced its consolidated financial results for Q1 2023.

Some highlights of the same are as follows:

• Robust revenue growth attributed to strong contribution from UAE and Egypt operations.
• Continued strong improvements in UAE mainly attributed to growth in mobile and digital services.
• Revenue growth in MT Group pressured by mobile segment in Morocco and MTR cuts in few subsidiaries of Moov Africa.
• Etisalat Misr growing double-digit fueled by data revenue and voice revenue.
• PTCL Group impacted by currency devaluation; delivered strong revenue growth in local currency across all segments.

The Group’s performance in the first quarter indicates growth in the number of subscribers, revenues, and profits in local currencies, but was impacted by the strong fluctuations in the currency exchange rate within the Egyptian and Pakistani markets. This growth can be attributed to the Group’s flexibility and efforts to provide innovative business solutions and the latest technologies to the communities we serve. Furthermore, the Group has succeeded in building unique digital experiences supported by strategic investments, to enhance our business portfolio.

etisalat by e& Egypt and PTCL in Pakistan successfully achieved their strategic goals by enhancing their customers’ digital experience while achieving growth based on local currency revenues, the strong fluctuations in the exchange rates of the Egyptian pound and the Pakistani rupee, coupled with the unprecedentedly high inflation rates in the two markets, have negatively impacted revenues and profits reported in AED. As a result, these effects were evident in the Group’s consolidated results.

Hatem Dowidar, Group CEO, e&