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Financial Highlights for H1 2022

(*) At constant exchange rates, revenue increased by +3.8% percent and EBITDA increased by +4.1% percent year-over-year

Key operational highlights and developments for H1 2022

• e&:
  • Board approves interim dividend of 40 fils per share for H1 2022
  • Acquired approximately 2,766 million shares in Vodafone Group Plc (“Vodafone”), representing 9.8% of Vodafone’s issued share capital (excluding treasury shares)
  • Completed the acquisition of elGrocer, under the Smiles brand 
  • Launched region’s first Telco NFT collection to strengthen blockchain legacy
  • Announced the readiness of SmartHub Datacentre as the future telecom hub in the region
  • Partnered with G42 to create the UAE and Middle East’s largest data centre provider, Khazna Data Centers, to support the creation of a digital ecosystem
  • Entered a new phase of collaboration and strategic partnership with Microsoft to drive innovation and digital transformation
  • Open Radio Access Network (RAN) MoU comprising of Middle East operators including e& opened the region’s first centralised test lab in collaboration with TIP and Intel
  • Partnered with Meta to drive innovation with enhanced Augmented Reality (AR) and Virtual Reality (VR) experiences and conversational commerce in its digital communication projects
  • e&, Abu Dhabi Digital Authority (ADDA) and Trend Micro partnered to launch Cyber Eye, an initiative to strengthen the Abu Dhabi Government entities’ cybersecurity capabilities

• Etisalat UAE, by e&:
  • Announced the refreshed brand identity in line with the Group’s new positioning earlier this year
  • Launched GoChat Messenger, an all-in-one free voice and video calling app
  • Launched the UAE’s first-of-its-kind Easy Insurance, an innovative insurance platform offering digital services for auto, health and travel insurance
  • Parnered with Amazon to offer eero and Echo devices for the very first time in the country and expanded collaboration with Amazon Web Services (AWS) to serve key industries and meet the growing demand for digitalisation across different industries
  • In collaboration with industry leading vendors, Etisalat UAE launched the first global live multi-vendors VoNR (Voice over New Radio) ecosystem
  • Recognised outstanding small and medium businesses (SMBs) and start-ups at the second edition of the SMB awards
  • Smiles partnered with Mohammed Bin Rashid Al Maktoum Global Initiative (MBRGI) to support the global “One Billion Meals” campaign during the holy month of Ramadan

• e& international:
  • Etisalat Egypt announced its brand identity as etisalat by e&, following the celebration of its 15^th year anniversary of operations
  • Etisalat Egypt and Honeywell signed an MoU to offer new services and products in the field of IoT and smart cities
  • Announced discussions with Mobily regarding a potential offer to increase its shareholding in Mobily
  • PTCL successfully deployed AirPON, an innovative Fibre-to-the-Home solution, in its Fiber Access Network

• e& life, from e&:
  • eWallet rebranded as e& money, the new fintech company as well as the financial super app marketplace
  • E-Vision and Abu Dhabi Developmental Holding Company PJSC (ADQ), signed a binding agreement to acquire approximately 57 percent in STARZPLAY ARABIA
  • ejunior, owned by E-Vision, celebrated its successful 21-year journey in the UAE

• e& enterprise, from e&:
  • Partnered with DataRobot to launch an Enterprise AI as a Services (AIaas) for supporting governments’ digital transformation journey support
  • Partnered with NICE to bring the CXone cloud platform to the UAE
  • Collaborated with Oracle, to host business solutions for Transguard Group to lower the total cost of ownership (TCO) by over 40 percent in five years

H1 Overview

e&’s consolidated revenues reached AED 26.3 billion, while consolidated net profit was AED 4.9 billion, a year-over-year increase of 2.5 percent. At constant exchange rates, revenue increased by 3.8 percent. Consolidated EBITDA remained steady in reporting currency at AED 13.4 billion, while increased by 4.1 percent in constant currency, resulting in an EBITDA margin of 51 percent.

The number of etisalat by e& subscribers in the UAE reached 13.3 million in H1 2022, representing an increase of 10 percent over the same period last year, while aggregate group subscribers reached 160 million, a 2.5 percent increase.

Outlook

Since e&’s evolution into a global technology and investment conglomerate earlier this year, the company has continued its journey with steady progress in creating innovative solutions using next-generation technologies and pursuing strong local, regional and international mutually beneficial partnerships that create value and benefit our customers, enterprises and communities.

Commenting on the H1 2022 results, H.E. Jassem Mohamed Obaid Bu Ataba Alzaabi, Chairman of e&, said: “e&’s performance during the first half of the year demonstrates our unwavering commitment, continued efforts and relentless focus on realising our vision of driving the digital future to empower societies. Our success is underpinned by our drive to make a positive change in the societies we serve while adding value to our shareholders.

Our financial performance reinforces e&’s success story and its strong standing, tackling the challenges and rising to every opportunity to execute our ambitious plans we embarked on earlier this year and set the momentum for the remainder of 2022. We have embraced digitisation, with a continuous innovation ethos to charter our course into a more holistic digital transformation for our communities and societies.

I would like to thank the UAE’s wise leadership for their inspiring vision and continuous support to the ICT sector. I am also grateful to our e& management team for constantly capitalising on our deep digital expertise to act as enablers of digital transformation for governments, corporates, and consumers, providing complete end-to-end solutions. We remain thankful to our loyal consumers and shareholders for joining us in our journey of transformation and collaborating with us to set new industry benchmarks and reach new heights.”

Hatem Dowidar, Group CEO of e&, said: “e&’s financial results for the first half of this year are an outcome of our earnest endeavours to drive growth and enhance efficiencies, with a strong commitment to key strategic priorities to enable a better digital future and drive innovation.

e& achieved good performance despite global economic challenges characterised by soaring inflation, hike in interest rates and foreign currency devaluation. We will remain resilient and see these times as opportunities to deepen our focus and invest in the long term. As we navigate through the new global economic landscape, we will focus on our goal to create and deploy innovative solutions to positively impact people’s lives.

We have maximised our efforts in growing our core and digital services, by enriching consumers’ value propositions with digital services that cater to their new lifestyles and emerging demands beyond basic telecom services. Our telecoms business has been the growth engine behind our company and its transformation into a techco. This has helped solidify our leadership across our geographic footprint, as well as grow adjacencies organically and through acquisitions.

The e& digital transformation path has accelerated, empowering our customers across the digital marketplace realm, growing in fintech, providing holistic digital solutions and elevating the streaming experience to new heights. Our investment in Vodafone, for example, has great potential to drive value for both companies as we explore potential collaboration opportunities in the rapidly developing global telecom market and support the adoption of next-generation technologies. We are confident that the efforts during the first half of 2022 will help us be even better positioned to bring the full potential of the digital world to our customers across all segments by strategically building blocks that enable a future-ready business model.

We remain thankful to the UAE leadership, outstanding employees, customers and shareholders for their continued support. Our strength and determination rely on a collaborative ecosystem that moved us towards the decision of exploring new paths and reaching new horizons.”

Etisalat Group has changed its brand identity to e&, effective from 23 February 2022. Its strategy aims to accelerate growth through the creation of a resilient business model representing the Group’s main business pillars. The telecoms business currently continues to be led by etisalat by e& in e&’s home market and by existing subsidiaries for e& international, upholding the Group’s rich telecoms heritage, bolstering the strong telecoms network and maximising value for the Group’s various customer segments. Ramping up the digital services for individual customers to elevate their digital-first lifestyle, e& life brings next-generation technologies through smart connectivity platforms in entertainment, retail and financial technology. To enable the digital transformation of governments, large-scale enterprises and corporates, e& enterprise focuses on maximising value through its end-to-end solutions in cybersecurity, cloud, Internet of Things (IoT) and Artificial Intelligence (AI), as well as deploying mega projects. e& capital allows the Group to focus its efforts on driving new mergers and acquisitions while maximising shareholder value and strengthening global presence.

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In this year’s theme, “Pehchaan” participants learned and experienced various topics and aspects. Starting from “Realization & Personal Leadership” to “History, Politics & Religion” participants aimed to embark on a journey of finding themselves and pushing themselves to unlearn the complexities, focused on how to be set free from the chains of stereotypes and taboos. They also explored how art is regardless and plays a significant role in bringing people together and how to avail opportunities whenever there is a problem. They also came to explore different aspects of history, politics & religion.

The last of YLC’22 is meant to be not the conclusion of learning but the start of the journey as independent and responsible individuals. Those who recognize their responsibility towards society as a Young Leader and carry forward the impact of the conference to a larger community through the Social Action Projects. The goal of the day is to instill active citizenship by conscious, thoughtful, critically engaging and practically responsible action.

After the participants were given the time to get ready and have breakfast, day 06 day started with a day briefing session by Ali Haider and Khushboo Dahri as day champs!

A detailed panel discussion was conducted by DKT where important issues like family planning and family health were discussed and how such awareness is important as a healthy individual can raise a healthy family and only a healthy family can contribute to building a healthy society.

Ali Haider then briefed about the SoL programs and their offerings while Kamran Rizvi shared the YLC Alumni Success Stories Documentary and Social Action Programs where he explained SAP is about individuals working together to address critical issues in their communities. It involves people contributing their time, effort and resources for the betterment of their society as a whole.

Later, a generous and delicious lunch was sponsored by participants’ favorite chain KFC Pakistan which they enjoyed a lot.

The fruitful 6-day program had a lot to serve its participants. We witnessed them learning, exploring and enjoying the once-in-a-million experience yet this was not the end since the motive of this conference was about recognizing and releasing “Pehchaan” it meant to unlock that consciousness of humans which encourages us to be aware of our responsibility as humans, showing humility and spreading love.

The productive conference concluded on high notes and participants were seen greeting and appreciating before bidding farewell to YLC!

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The concert will be brought to life by singing sensations that have taken the Philippines to global stages including Asia’s Soul Supreme, KZ Tandingan; singer-songwriter, Morisette; pop-rock sensation, Yeng Constantino; and OPM hitmaker, Erik Santos.  Adding their uniquely hilarious flair to the evening is singer-comedienne K Brosas and Ethel Booba.

“Filipinos are a thriving community within Dubai, one which we have come to embrace and enjoy. They are truly unique and proud people with a strong love for their culture and their country and we are looking forward to bringing a bit of home to them with this concert and showcasing their colourful way of life,” says Blu Blood MD and CEO, Osman Osman and Shaaista Khan Osman.

‘Pinoy Piyesta’ is proudly brought to you by leaders in entertainment, Blu Blood, in association with Dubai Summer Surprises. A not-to-be-missed event, tickets are available at www.coca-cola-arena.com, Dubai Calendar, PlatinumList and BookMyShow.

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SADAFCO considers it an honor and uses its place in society to support thousands of less fortunate families. Speaking on the occasion, Patrick Stillhart, Chief Executive Officer of SADAFCO, said: “I am as honored to host this signing ceremony with the together endowment. The Saudia brand portfolio comprises of more than 90 household staples loved by families and children all over the region. It is not only right but also part of our responsibility to support the less fortunate in our community and society. This is a step we have wanted to take for some time now and now. Today, confident the organizations we have chosen to collaborate with is the right one for us to have a meaningful impact.”

The agreement was signed by Mr. Talal Muhammad Mowaffaq Al-Nono, on behalf of SADAFCO, as Director of Public Relations and Government Affairs, and Ms. Amal Abdul Rahman Khan, as Vice Chairman of the Board of Directors for the Social Responsibility Association in Jeddah. The signing ceremony that was held at SADAFCO’s headquarters in Jeddah witnessed, Mr. Sultan Ahmed Al-Ghamdi, Director General of Legal Affairs and Governance Department, Mr. Turki Al-Zahrani, Public Relations and Governmental Affairs, Mr. Turki Halawani, Public Relations and Government Affairs Officer, Ms. Mashael Zeidan, Corporate Communications Manager, and Ms. Noura Punjabi, SADAFCO Corporate Communications Officer, and Heba Muhammad Bukhari, Executive Director of the association.

By signing this agreement, the company enhances its engagement and impact within the community.  The CSR association also has had a strong hold in Jeddah and beyond, delivering support to those that need it and those that tend to be overlooked. As a household name, SADAFCO is an active play in the CSR space. It already has made sizeable contributions that have resulted in meaningful impact across initiatives including COVID related contributions, career fairs, sporting competition prizes, awareness initiatives, volunteering efforts and even elderly care.

As a leading brand with an extensive range of dairy and foodstuff items for consumers of all age groups, Saudia’s range of products cater to every member of the family. They have been a part of all the special moments and recipes. The company has sponsored Ramadan Basket for 15 consecutive years, distributing more than 50,000 nutritional baskets and serving happiness to more than 180,000 people throughout the Kingdom.

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As businesses develop throughout the region, their expenditures are becoming more important to economic growth.

Despite the relaxation of COVID-19 restrictions, 9 out of 10 purchases were made online in recent months, reflecting the shift toward that e-commerce and online shopping.

As shown by Tribal data, online advertising was the category where companies in various stages of development spent the most during this period, further demonstrating the long-term growth of online sales.

For companies and advertising service providers, payments for digital campaigns with cards streamline the payment process, control of expenses and the relationship with platforms.

The second largest expenditure on corporate cards was for freight services and logistics, primarily for imports and exports. Growing e-commerce provides companies in various stages of development with an excellent opportunity to expand to additional markets, which has become increasingly important with the growth of e-commerce. 

Lastly, companies spent the third highest amount on technology and computing infrastructure, such as hardware, software, and programming services. Digital infrastructure spending shows that companies continue to adapt their operations to the digital economy.

In MENA, tribal observed that travel spending, including travel agencies, flights, and hotels, showed the most substantial growth between the second half of 2021 and the first half of 2022. The region’s companies in various stages of growth have ranked travel spending among the top ten expenses during the last quarter. A high increase in spending in this sector indicates that companies are expanding their markets and travelling to improve their operations.

The use of services such as Tribal can make managing digital spending more effective by making it simpler to track and manage.

Amira Fadel, Tribal’s Regional Manager – MENA, said: “It is important to take into account that companies continue to adapt to the new times with the revolution in disruptive technologies, and many are accelerating their digitization processes. In this sense, it is valuable to see that companies are using their capital and corporate credit resources to make payments, especially through electronic commerce, directly related to boosting business growth.”

SMEs in Egypt account for 90% of active enterprises and 80% of GDP, according to the Organization for Economic Cooperation and Development. In the UAE, SMEs represent 86% of the private sector labour force and 60% of GDP. Furthermore, Saudi Arabian government data indicate that SME contribution to GDP has risen to 28.7% since March 2021.

Fadel added: “We know that MSMEs are the backbone of the global economy and that most of the world’s employment comes from them. Therefore, continuing to bet on the expansion of its businesses is key to continue contributing to economic and social development.”

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