- e& has reported a net profit of Dh2.19 billion ($599 million) for the first quarter of 2023, as its subscriber base grew. In a separate filing, du announced a 19% jump in its Q1 net profit, which climbed to Dh370 million ($100.74 million) from Dh311 million in the same period last year. The rise was attributed to higher revenue.
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In the first quarter, Du witnessed net additions in both postpaid and prepaid segments, leading to 8.2 million mobile phone subscribers. Additionally, it attracted 18,000 new broadband customers. Meanwhile, e&'s UAE subscriber base saw a yearly growth of 6% to reach 13.9 million, and the aggregate number of subscribers increased by 3% annually to 164 million.
Why it matters
UAE's economy is recovering, thanks to government initiatives, higher oil prices, and a rebound in the property, travel, and tourism sectors. Abu Dhabi-based e& acquired a majority stake in Careem's Super App business for $400 million and is expanding its digital offerings. e& also increased its stake in Vodafone to 14%, after acquiring Starzplay Arabia last year through a deal with ADQ.
