Latest news with #AED59.2
Zawya
16-04-2025
- Business
- Zawya
e& AGM approves dividend for FY 2024
ABU DHABI - e& held its Annual General Meeting (AGM) today, where shareholders reviewed the Group's 2024 performance and reaffirmed their confidence in its transformation into a leading global technology group. The AGM approved the Board's recommendation for FY 2024 of cash dividend of 83 fils (AED0.83) per share for the fiscal year 2024 — further reinforcing e&'s commitment to delivering consistent value through a progressive dividend policy announced last year for its shareholders. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, stated, '2024 was another successful year marked by accelerated growth and impressive progress with our strategy to transform into a global technology company. 'e& delivered record consolidated revenues of AED59.2 billion growing 10.1 per cent, and record net profit of AED10.8 billion, growing 4.3 per cent in 2024. These achievements were underpinned by key strategic decisions made by the Board, including progressing on geographic expansion and revenue diversification and scaling up digital verticals. These measures have not only reinforced our financial resilience but also positioned e& to capitalise on new opportunities while ensuring sustainable long-term value for our stakeholders.' Alzaabi added, 'As we look to the future, e& is committed to growth and transformation across 38 countries in the Middle East, Africa, Asia, and Central and Eastern Europe. Our ambition is to innovate, lead, and deliver greater value for those we serve. Together, we will continue shaping a brighter, more digitally empowered future.' Hatem Dowidar, Group Chief Executive Officer of e&, said, '2024 was a year of 'more' — more impact, more opportunities, more growth, and more passion for excellence. It marked a successful chapter in our transformation journey as we continued to evolve into a global technology leader. We leveraged our presence of telecom and digital services across 38 countries to deliver enhanced dividends and a stronger performance, cementing trust among our stakeholders. Through superior connectivity, advanced digital solutions, and AI-driven innovations, we will continue to empower our customers and the communities we serve. 'As we look ahead, we do so with a clear vision: to lead with purpose, collaborate with impact, and innovate for the future. 2025 will see us deepen our focus on digital transformation, scale our AI and data-driven solutions, and drive inclusivity in technology access. With the support of our talented teams, trusted partners, and loyal customers, we are poised to continue empowering communities, transforming industries, delivering sustainable value for generations to come, and always go for more.' e& strengthened its global leadership through strategic investments and high-impact initiatives. The Group was recognised as the 'World's Fastest-Growing Brand' by Brand Finance and expanded its footprint through landmark partnerships and acquisitions. e& UAE earned global recognition for delivering the fastest mobile network speeds worldwide — a clear reflection of its continued leadership in 5G innovation and infrastructure. 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. Consolidated revenues reached AED59.2 billion, growing 10.1 percent driven by growth across all business verticals. Consolidated EBITDA rose by 2.7 percent YoY at constant exchange rates, reaching AED26.5 billion. The group's total subscriber base grew to 189.3 million, marking an 11.7 percent increase compared to 2023. KN
Zawya
26-02-2025
- Business
- Zawya
E& reports $2.9bln in net profit in 2024
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 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.'
