Group CEO of e& Hatem Dowidar (pictured) revealed it is assessing new opportunities across Africa, Europe and Asia, and had regulatory approval to slightly increase its stake in Vodafone Group, during an interview with Bloomberg TV to discuss its Q4 2022 results.
The executive noted the company had the capability and finances to make investments this year on a global scale.
Specifying the opportunity in Africa, Dowidar stated there were interesting and underserved markets with relatively young populations.
Dowidar also addressed its growing stake in Vodafone, which was raised to 14 per cent last week: he said e& has regulatory approvals in place to up its holding to 15 per cent, which was the “point we intended to go”.
The comments followed the release of e&’s Q4 results where it reported revenue down 4 per cent year-on-year to AED13.1 billion ($3.6 billion). It noted the quarter had seen “significant exchange rate volatility” in Egypt, Pakistan and Morocco, though it cited strong performance in its home market of the UAE.
Net profit after federal royalty increased 25 per cent to AED2.7 billion, attributed partly to lower impairments, amortisation and depreciation-related expenses compared to Q4 2021.