e& Achieves Record Revenue and Net Profit in Fiscal Year 2024

In a significant milestone for the telecommunications sector, e& has announced remarkable financial results for the fiscal year 2024. The company recorded a consolidated revenue of 59.2 billion AED, reflecting a 10.1% increase over the previous year. Additionally, its net profit reached 10.8 billion AED, marking a growth of 4.3% compared to last year.

This extraordinary performance is attributed to the organization’s strategic transformation initiated over the past three years, solidifying e&’s status as a global technology leader. The group reported a consolidated EBITDA of 26.5 billion AED, which is a 2.7% increase year-on-year on a constant currency basis, underlining the robust operational performance across its various business sectors.

A notable highlight from e&’s fiscal year is the growth in its subscriber base, which surged to 189.3 million, an impressive 11.7% increase from 2023. The UAE market specifically showed strong momentum, with subscriptions exceeding 15 million, a 5.4% increase year-on-year, demonstrating the company's commitment to expanding its service offerings and strengthening customer engagement.

The Chairman of e&, H.E. Jassem Mohamed Bu Ataba Alzaabi, stated, "2024 has been a year of notable growth driven by our ambitious vision and relentless focus on digital empowerment. Our recognition as the 'fastest-growing brand in the world' and our inaugural operational footprint in Europe mark significant milestones in our journey. With a net profit of 10.8 billion AED and an expanding subscriber base, our results reflect our strategic oversight and unwavering commitment to value creation."

The dividend payout proposed for this fiscal year stands at 83 fils per share, affirming e&’s dedication to providing consistent returns to its shareholders. The board has set a progressive dividend policy aiming to increase the payout by 3 fils annually, projecting a rise to 89 fils per share by fiscal year 2026. This move illustrates the company's confidence in its financial strength and growth prospects.

The impressive financial results are further complemented by e&’s continuous drive towards innovation. Throughout 2024, the company maintained strong growth across all verticals, expanding its portfolio while enhancing connectivity and digitalization across its operations. With strategic investments in AI ecosystems, intelligent platforms, and industry-defining solutions, e& is poised to catalyze further economic progress and transformation across the regions it operates in.

Hatem Dowidar, Group CEO of e&, added, "In 2024, we accelerated our transformation journey as a global technology provider by developing AI capabilities and expanding into Europe. Our consolidated revenue crossed 59.2 billion AED, highlighting our successful investments and the transformative value we continue to create. The acquisition of the majority of PPF Telecom's assets marks a pivotal event, adding over 10 million new subscribers and solidifying our international presence."

The group's strategic initiatives also included expanding its capabilities in cloud, data, and SAP services through the acquisition of GlassHouse. This expansion not only strengthens e&'s leadership in digital transformation but also supports the long-term goal of building a resilient and future-ready digital ecosystem that fosters growth for businesses, governments, and communities alike.

As we move forward into 2025, e& is focused on broadening its digital footprint, innovating through AI, and delivering impactful solutions. With a brand portfolio and investments surpassing 20 billion USD, e& is set on the path of unprecedented growth and transformation, aspiring to be at the forefront of creating a lasting, positive impact globally. This ambition reflects our commitment to harnessing technology as a force for good, ensuring that every innovation catalyzes progress and empowerment for societies worldwide.