E& reports $2.9bln in net profit in 2024

Zawya

26-02-2025

ABU DHABI: e& has delivered record financial performance in 2024, reporting a consolidated net profit of AED10.8 billion, an increase of 4.3 percent year-over-year (YoY).
This milestone reflects three years of strategic transformation, reinforcing the Group's position as a global technology group, the Group said in a statement Tuesday.
Consolidated revenues reached AED59.2 billion, growing 10.1 percent and 12.6 percent in constant exchange rates, driven by growth across all business verticals. Consolidated EBITDA rose by 2.7 percent YoY at constant exchange rates, reaching AED 26.5 billion.
e& UAE continued its solid growth trajectory, with its subscriber base surpassing 15 million, representing an increase of 5.4 percent compared to the previous year. The group's total subscriber base grew to 189.3 million, marking a 11.7 percent increase compared to 2023.
e& sustained strong growth across all verticals, expanding its portfolio while doubling down on connectivity and digitalisation. By driving innovation and long-term value creation, the group remains committed to delivering sustainable returns to its shareholders.
Demonstrating this commitment, we delivered on the first year of our 3-year progressive dividend policy with an incremental increase of 3 fils (AED 0.03) every year for the fiscal years 2024, 2025, and 2026. This policy is set to elevate dividend per share (DPS) to reach 89 fils (AED 0.89) by FY 2026, reflecting the group's confidence in its continued financial strength and growth prospects. For FY 2024, the board has proposed a cash dividend of 41.5 fils (AED 0.415) per share for the second half (July to December) of 2024, bringing the total annual dividend to 83 fils (AED 0.83) per share—further reinforcing e&'s commitment to delivering consistent value to its shareholders.
Jassem Mohamed Bu Ataba Alzaabi, Chairman, e&, said: '2024 was a year of growth, driven by bold vision, AI-driven innovation, and relentless commitment to digital empowerment. Emerging as the 'World's Fastest Growing Brand' and establishing our first operational footprint in Europe were defining moments in e&'s journey. With a net profit of AED 10.8 billion and subscribers growing to 189.3 million, our performance reflects our strategic foresight and unwavering focus on value creation. Beyond financial success, real growth is measured in impact. Guided by the UAE's visionary leadership, we continue to drive economic progress, empower businesses, and transform lives across three continents.
"Our investments in AI ecosystems, intelligent platforms, and industry-defining solutions reinforce our role as a catalyst for change. At the heart of our success is our talent—the driving force of our innovation. Our leadership in Emiratisation and commitment to workforce upskilling is not just a business responsibility but a strategic advantage. By equipping the next generation with AI and digital expertise, we are building the UAE's digital future and cultivating leaders who will drive global transformation.As we move forward, we will continue to leverage technology as a force for progress— where AI enhances lives, networks fuel digital economies, and every connection we build opens doors to something greater.'
Hatem Dowidar, Group Chief Executive Officer, e&, added: 'In 2024, we accelerated our transformative journey as a Global Technology Group—scaling AI, expanding into Europe, and driving impact across three continents. Our consolidated revenues surpassed AED 59.2 billion, growing by 10.1 percent year-over-year, while consolidated EBITDA rose 2.7 percent in constant currency to AED 26.5 billion. Our financial performance reflects the trust we've built, the bold investments we've made, and the transformative added value we continue to create. A landmark achievement was e&'s expansion into Central and Eastern Europe with the majority acquisition of PPF Telecom's assets, adding over 10 million new subscribers across Bulgaria, Hungary, Serbia, and Slovakia. This move strengthens our global presence, unlocks scalable digital solutions, and fosters digital inclusion. Additionally, our acquisition of GlassHouse expanded our cloud, data, and SAP capabilities across Türkiye, South Africa, and Qatar, strengthening our leadership in enterprise digital transformation.
"These strategic moves are at the core of our long-term aspirations—to build a robust, future-ready digital ecosystem that enables businesses to scale, governments to innovate, and communities to thrive. As we closed 2024, we set out to 'Go for More'- expanding our digital footprint, pioneering AI-driven innovations, and delivering impactful solutions. With a brand portfolio and investments exceeding US$ 20 billion, e& is the World's Fastest Growing Brand, a recognition of our relentless pursuit of innovation and progress. Looking ahead, we are poised for even greater growth and transformation. Our ambition is unstoppable: to lead the digital transformation that creates a lasting positive impact, foster collaboration, and empower societies. We will continue to push the boundaries of AI, scaling intelligent platforms, and ensuring that technology is a force for good, and that every innovation we deliver is a catalyst for progress.'