The UAE telecom group e& posted a 3% increase in full-year 2023 net profit on higher revenues.

Consolidated profit attributable to owners of the company reached AED 10.3 billion ($2.8 billion) during the year ended December 31, 2023, representing an increase of AED 0.3 billion from the previous year, according to a disclosure on the Abu Dhabi Securities Exchange (ADX) on Tuesday.

Total revenue reached AED 53.8 billion, representing a year-on-year growth of 2.5% or AED 1.3 billion.

“This is mainly attributable to outstanding commercial performance and robust overall economic growth in the UAE and international markets, alongside heightened demand for digital services,” the company said.

“However, revenue has been impacted by foreign exchange rate volatility in our international markets.” At constant exchange rate, e&’s revenue registered an 8.3% growth in 2023 compared to the year prior.

Earnings per share edged up to AED 1.18 in 2023 from AED 1.15 in 2022. Total assets as of the end of 2023 were valued at AED 146.8 billion, up from AED 145 billion a year earlier.

(Writing by Cleofe Maceda; editing by Brinda Darasha)