RIYADH: Driven by strong business growth, UAE-based telecom giant e& reported 13 billion dirhams ($3.54 billion) in consolidated revenue in the first quarter of 2023.
At constant exchange rates, revenue increased by 6.6 percent.
Consolidated net profit reached 2.2 billion dirhams while consolidated earnings before interest, taxes, depreciation and amortization came in at 6.2 billion dirhams, resulting in an EBITDA margin of 48 percent.
In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 6 percent compared to the same period last year.
The group’s aggregate subscribers reached 164 million, a year-on-year increase of 3 percent.
“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,” said Hatem Dowidar, group CEO of e&.
He added: “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.”
The financial performance in the first quarter of 2023 further strengthened e&’s global position as the most valuable telecoms brand portfolio in the Middle East and Africa, according to valuation consultancy Brand Finance’s Global 500 2023 report.
Mubadala invests $500m in Brightspeed
Brightspeed, a US-based broadband and telecommunications services company, has secured a $500 million investment from Mubadala Investment Co., the sovereign investor of Abu Dhabi.
With this investment, Mubadala will become a minority shareholder in Brightspeed alongside investment funds managed by affiliates of Apollo Global Management.
Brightspeed, the US’s fifth-largest incumbent local exchange carrier, can serve over 6.5 million homes and businesses in rural and suburban communities across the Midwest, Southeast, Pennsylvania and New Jersey.
Brightspeed’s ambition is to help bridge the digital divide by providing high-speed, dependable internet connectivity to communities where access to fiber internet and advanced technology has historically been limited.
This investment from Mubadala will accelerate the company’s growth plans toward achieving this goal.
Khaled Abdulla Al-Qubaisi, CEO of real estate and infrastructure investments at Mubadala, said: “As a responsible global investor, Mubadala sees a huge opportunity in supporting Brightspeed’s growth strategy in transitioning large swathes of the US to fiber connectivity and promoting digital equity and inclusion.”
Asteco Q1 2023 report indicates robust real estate market
The rental and sales rates in Abu Dhabi and Dubai continued to increase, indicating a robust real estate market in the UAE, according to a report covering the first quarter of 2023 from property management firm Asteco.
The report indicated that the Abu Dhabi market delivered approximately 1,600 residential units in the first three months of the year.
Apartment rental rates showed stability as prime and high-quality developments registered an average rental increase of 2 percent in the first quarter of 2023.
The villa rental market continued its upward trajectory in the first quarter of 2023, also showing an average quarterly increase of 2 percent.
Prime villa communities saw the largest increases, of up to 5 percent.
The market also saw strong demand for office space in Abu Dhabi.