Hatem Dowidar, group CEO of e&, praised the company’s performance in the first half of 2022 in the face of global economic challenges, as he reiterated potential benefits from future collaborations with Vodafone Group.
In its Q2 and H1 financial results disclosure Dowidar outlined continued efforts made by the company towards growing digital offerings as it aims to meet customer demand outside of core telecoms services.
Dowidar highlighted communications had provided the “growth engine behind our company and its transformation into a tech co”.
He added recent progress had being made despite international issues such as “soaring inflation” interest rate hikes and “foreign currency devaluation”.
During Q2 the company disclosed a sizeable investment in Vodafone Group, which Dowidar cited as creating great potential for collaboration on next-generation technologies as it looks to further develop its business.
The company’s Q2 revenue was AED13 billion ($3.5 billion), down 1.7 per cent year-on-year due to exchange rate volatility in the Egyptian Pound, Pakistani Rupee and Moroccan Dirham.
However, it noted the impact had been largely offset by strong performances in its home market of UAE and various other divisions.
Net profit after federal royalty increased 1.5 per cent to AED2.4 billion.