e& Reports Record Revenue and Net Profit in Fiscal Year 2024 Achieving Significant Growth
In a significant financial milestone, e& has reported unprecedented results for the fiscal year 2024, with total consolidated revenue reaching AED 59.2 billion, marking a 10.1% increase compared to the previous year. This growth trajectory was powered by a robust performance across all business verticals and reflects the company's strategic initiatives over the past three years.
The net profit for the year stood at AED 10.8 billion, signifying a 4.3% year-over-year increase. These impressive numbers underscore e&’s evolving status as a global technology group, demonstrating not only financial strength but also a commitment to innovation and long-term value creation for its stakeholders. As part of e&'s strategy, the company is focusing on enhancing connectivity and digitalization, which has bolstered its market positioning.
The company’s operating division in the UAE has remained a key contributor to this success, achieving a subscription base that exceeded 15 million, a notable 5.4% growth from 2023. Overall, e& has witnessed an increase in its total subscriber base, which now stands at 189.3 million, representing an 11.7% rise year-on-year. This expansion reflects the company's aggressive strategy to penetrate new markets, reinforced by its initiatives in Europe and Central Asia.
The financial highlights from 2024 reveal the company's resilience and operational excellence:
An innovative policy introduced by e& is their progressive dividend plan, which entails an annual increase of 3 fils (0.03 AED) for fiscal years 2024, 2025, and 2026. This policy aims to elevate the annual dividend per share to 89 fils (0.89 AED) by FY 2026, reflecting the Group's confidence in its sustainable financial performance and growth potential.
As the fiscal year drew to a close, e& proposed a second-half dividend of 41.5 fils (0.415 AED) per share, raising the total annual dividend to 83 fils (0.83 AED). This commitment to returning value to shareholders evidences e&’s resolute focus on maintaining fruitful investor relations while pursuing growth.
H.E. Jassem Mohamed Bu Ataba Alzaabi, the Chairman of e&, articulated the company's exceptional year by stating, "2024 has proven to be a transformative year, accentuated by our ambitious vision, AI-driven innovation, and unwavering commitment to digital empowerment. Our achievement of becoming the world's fastest-growing brand and establishing our operational presence in Europe are landmark accomplishments for our trajectory. As we move forward, we emphasize the importance of technology in driving progress across our key markets."
In the same vein, Hatem Dowidar, Group CEO, stated that the year saw e& accelerating its transformation as a global technology group, achieving substantial revenue growth and reinforcing its leadership through strategic acquisitions in Europe, such as the majority acquisition of PPF Telecom. This expansion added more than 10 million subscribers in key markets including Bulgaria, Hungary, and Serbia, further enhancing the company's global footprint.
In closing, e& aims to continue this upward trend with plans to explore greater digital footprints, AI-driven innovations, and impactful solutions that contribute positively to societies across three continents. With aspirations of being a catalyst for change, e& stands at the forefront of the technological revolution, equipped and ready for the future.
The net profit for the year stood at AED 10.8 billion, signifying a 4.3% year-over-year increase. These impressive numbers underscore e&’s evolving status as a global technology group, demonstrating not only financial strength but also a commitment to innovation and long-term value creation for its stakeholders. As part of e&'s strategy, the company is focusing on enhancing connectivity and digitalization, which has bolstered its market positioning.
The company’s operating division in the UAE has remained a key contributor to this success, achieving a subscription base that exceeded 15 million, a notable 5.4% growth from 2023. Overall, e& has witnessed an increase in its total subscriber base, which now stands at 189.3 million, representing an 11.7% rise year-on-year. This expansion reflects the company's aggressive strategy to penetrate new markets, reinforced by its initiatives in Europe and Central Asia.
The financial highlights from 2024 reveal the company's resilience and operational excellence:
- - Revenue: AED 59.2 billion, up 10.1% from AED 53.8 billion
- - Net profit: AED 10.8 billion, up from AED 10.3 billion
- - EBITDA: AED 26.5 billion, a 1.3% increase
- - Earnings per share (EPS): 1.24 AED, a 4.3% increase
An innovative policy introduced by e& is their progressive dividend plan, which entails an annual increase of 3 fils (0.03 AED) for fiscal years 2024, 2025, and 2026. This policy aims to elevate the annual dividend per share to 89 fils (0.89 AED) by FY 2026, reflecting the Group's confidence in its sustainable financial performance and growth potential.
As the fiscal year drew to a close, e& proposed a second-half dividend of 41.5 fils (0.415 AED) per share, raising the total annual dividend to 83 fils (0.83 AED). This commitment to returning value to shareholders evidences e&’s resolute focus on maintaining fruitful investor relations while pursuing growth.
H.E. Jassem Mohamed Bu Ataba Alzaabi, the Chairman of e&, articulated the company's exceptional year by stating, "2024 has proven to be a transformative year, accentuated by our ambitious vision, AI-driven innovation, and unwavering commitment to digital empowerment. Our achievement of becoming the world's fastest-growing brand and establishing our operational presence in Europe are landmark accomplishments for our trajectory. As we move forward, we emphasize the importance of technology in driving progress across our key markets."
In the same vein, Hatem Dowidar, Group CEO, stated that the year saw e& accelerating its transformation as a global technology group, achieving substantial revenue growth and reinforcing its leadership through strategic acquisitions in Europe, such as the majority acquisition of PPF Telecom. This expansion added more than 10 million subscribers in key markets including Bulgaria, Hungary, and Serbia, further enhancing the company's global footprint.
In closing, e& aims to continue this upward trend with plans to explore greater digital footprints, AI-driven innovations, and impactful solutions that contribute positively to societies across three continents. With aspirations of being a catalyst for change, e& stands at the forefront of the technological revolution, equipped and ready for the future.
Topics Telecommunications）
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