UAE gains for the first quarter without expectations despite the high income

The net profits of the Emirati “& E” group (formerly Emirates Telecom Company) amounted to 2.33 billion Dirhams during the first quarter of this year, without the expectation of the analysts who followed Bloomberg, where they estimated the arrival of profits to 2.58 billion dirhams. These profits stem from the total revenue of 14.21 billion dirhams, which exceeded analyst estimates, which expected 13.67 billion dirhams. According to the announcement today, Tuesday, on the Abu Dhabi Stock Exchange website, the group’s revenue increased by 9.3% compared to the first quarter of last year, while profits rose 6.5% compared to the same period. With regard to profit distributions, the discloser of “& e” indicated that on April 23, final profit distributions were approved for the year 2023 at 0.40 for the share for the shares of registered shares at the time of the closure of the work on may 3. ” 2024 to 2026 in the areas of technological progress, infrastructure development, and to upgrade the level of innovative digital solutions for individuals and businesses in 16 of the group’s markets, as mentioned in a statement of its financial results. The fluctuation of exchange rates fluctuations in currency exchange rates, especially in the markets of Egypt and Pakistan, where ‘& e’ subsidized businesses scored the group’s profits last year, which amounts to 10.3 billion dirhams, an annual increase of 3% of 2022. ‘United Group’ studied. The local market, and that BC Partners, the owner of the private share of United Group, assessed an evaluation of the latter of about 8 billion euros. In an interview mid -January, the CEO of the Emirati Group Hatem Dowidar expected “& e” in the coming years to start the fruits of its investments in European telecommunications companies with low interest rates.