e& Reports Record Revenue and Profit for 2024, Marking Significant Growth and Expansion

e& Delivers Outstanding Financial Results for FY 2024

In a remarkable showcase of financial strength, e& has announced record-breaking results for the fiscal year 2024, reflecting significant growth across various business segments. Consolidated revenue reached an impressive AED 59.2 billion, marking a 10.1% increase compared to the previous year, while the net profit climbed to AED 10.8 billion, up 4.3% year-over-year.

The growth represents a pivotal moment for e& as it reinforces its position as a global technology group, powered by an ambitious vision and strategic expansion initiatives. This financial performance is particularly notable as it comes after three years of focused transformation, which has allowed the company to enhance its service offerings and grow its market presence.

Moreover, e& has been proactive in expanding its subscriber base, which has now reached a staggering 189.3 million across the Middle East, Asia, Africa, and Central and Eastern Europe. This growth trajectory is evident in their subscriber gains, with a notable increase in the UAE, where subscribers surpassed 15 million, representing a growth rate of 5.4% from the previous year.

To further illustrate the robust financial health of e&, while the EBITDA experienced a slight increase of 2.7% year-on-year reaching AED 26.5 billion, the company's earnings per share rose to AED 1.24, marking another encouraging financial milestone.

The steady advancements of e& have stemmed from a commitment to driving innovation and creating long-term value for its stakeholders. In line with this approach, the company is executing a three-year progressive dividend policy that incrementally raises dividends per share (DPS) by 3 fils (AED 0.03) each year. For FY 2024, shareholders will receive a total cash dividend of 83 fils (AED 0.83) per share, an affirmation of the company's commitment to returning value to its investors.

H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, hailed 2024 as a transformative year characterized by a bold vision, innovative application of AI technologies, and a steadfast commitment to digital empowerment. He emphasized how these elements have driven significant growth across international markets. He expressed the company's dedication to nurturing economic progress and empowering businesses across three continents.

Further, Hatem Dowidar, Group Chief Executive Officer, highlighted the strategic moves made during the year, which included an expansion into Central and Eastern Europe with the acquisition of PPF Telecom's assets, adding over 10 million new subscribers. This strategic acquisition not only broadens the company's reach but also unlocks scalable digital solutions aimed at improving digital inclusion.

The leadership at e& is unwavering in its belief that true success extends beyond financial outcomes, focusing on the impact and transformation it can deliver to societies. Investments in AI ecosystems, intelligent platforms, and powerful technical solutions are central to their vision for the future, positioning them as a catalyst for change in the digital landscape.

As e& moves forward into 2025 and beyond, the strategy of leveraging technology to drive progress remains at the forefront. With aspirations of further enhancing its digital footprint, pioneering artificial intelligence innovations, and delivering effective solutions, the future appears commanding for e&. The company is undeniably set on a trajectory toward unprecedented growth and a more significant global impact in the technology sector as it continues pushing the boundaries of digital transformation.

In conclusion, e&’s exceptional financial performance in 2024 not only underscores its growth ambitions but also sets the stage for a future laden with opportunities driven by technological advancements and a commitment to creating lasting value for its investors, customers, and societies at large.