It was a strong Q2 for two of UAEs biggest players with both e& and Fertiglobe posting positive numbers. 

First up UAE’s e& (formerly known as Etisalat Group) announced its H1 2022 results. The group reported a consolidated net profit of AED4.9 billion ($1.33 billion) for H1 2022, a 2.5% increase over the same period in 2021. While the company's consolidated revenues reached AED26.3 billion ($7.16 billion). At constant exchange rates, revenue increased by 3.8%. The number of etisalat by e& subscribers in the UAE reached 13.3 million in H1 2022, reflecting an increase of 10 per cent over the same period last year, while aggregate group subscribers reached 160 million, a 2.5 per cent increase. 

Meanwhile, at Fertiglobe its Q2 net profit surged almost fourfold, as a rise in selling prices and volume of products sold boosted revenue. Net profit attributable to owners of the company for the three-month period to the end of June climbed to $429.4 million, from $113.3m recorded a year earlier. Free cash flow for the business increased to $789 million in the second quarter of 2022 from $328 million in the corresponding quarter last year, supporting a first-half dividend of $750 million, above previous guidance of at least $700 million.