e& has released its financial results for the first half of 2024, showcasing a robust performance. The telecom giant reported a consolidated revenue of Dhs28.3 billion, reflecting a 6% year-over-year (YoY) increase. The group's net profit surged by 17% to Dhs5.5 billion, while consolidated EBITDA rose to Dhs12.9 billion, resulting in an EBITDA margin of 46%. This impressive growth is attributed to e&’s strategic focus on expanding both local and international markets.
The company also reported a steady increase in its subscriber base, which reached 175 million, marking a 6% YoY growth. In the UAE, e&’s subscribers grew to 15 million, representing a 5% YoY increase.
Group CEO Hatem Dowidar highlighted the company's achievements on social media, noting the strong performance across all business verticals and the rapid progress of digital businesses. Dowidar emphasized the company's strategic acquisitions and partnerships, which have strengthened e&’s position as a global technology group, now reaching 175 million telecom subscribers in 16 markets and covering 32 markets with digital customers.
Dowidar credited the positive results to the passion and expertise of the e& team and the UAE’s leadership. He noted that the company's new values—united as one, daring to be bold, and being customer-obsessed—have contributed to e&’s recognition as a top telecom employer brand. He also acknowledged the continued trust and support of customers, shareholders, and the visionary leadership of the UAE in driving digital progress.
e&’s financial review for H1 2024 included:
- Revenue, Profit, and Earnings Per Share:
- Consolidated revenue of Dhs28.3 billion, a 6.3% increase compared to H1 2023.
- Net profit of Dhs5.5 billion, a 17% YoY increase.
- Earnings per share increased by Dhs0.09 compared to the same period last year.
- Net Assets:
- Net assets decreased by Dhs607 million to Dhs50.467 billion as of June 30, 2024, compared to December 31, 2023.
- Capital Expenditure:
- Capital expenditures totaled Dhs3.4 billion for the six months ended June 30, 2024.
- Dividends:
- A final dividend for 2023 at the rate of AED 0.40 per share was approved for distribution to shareholders as of May 3, 2024.
- The Board of Directors declared the first interim dividend for 2024 at the rate of Dhs0.415 per share on July 31, 2024.
These results highlight e&’s strong financial health and its continued commitment to innovation and growth.
News Source: Gulf Business
