e& has achieved record financial performance in 2024, reporting a consolidated net profit of AED 10.8 billion, marking a 4.3% year-over-year (YoY) increase.
This milestone underscores the success of the Group’s three-year strategic transformation, cementing its position as a global technology leader.
Consolidated revenues surged to AED 59.2 billion, reflecting a 10.1% increase, or 12.6% in constant exchange rates, driven by growth across all business verticals. Consolidated EBITDA rose by 2.7% YoY at constant exchange rates, reaching AED 26.5 billion.
The UAE division continued its upward trajectory, with its subscriber base exceeding 15 million, a 5.4% increase from the previous year. Overall, e&’s global subscriber base expanded to 189.3 million, a remarkable 11.7% rise compared to 2023.
Demonstrating its commitment to shareholder value, e& introduced a progressive three-year dividend policy, increasing payouts by 3 fils annually through 2026. For FY 2024, the board proposed a total annual dividend of 83 fils per share, including a second-half dividend of 41.5 fils per share.
Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, highlighted the company’s strategic vision, stating,
“2024 was a year of growth, driven by AI innovation and digital empowerment. With our expansion into Central and Eastern Europe and investment in AI ecosystems, we are shaping the UAE’s digital future.”
Hatem Dowidar, Group CEO, added,
“Our financial success reflects bold investments and strategic expansion, including acquiring PPF Telecom assets in Europe and GlassHouse to strengthen our enterprise digital capabilities. Our ambition remains clear: to lead global digital transformation and foster inclusive innovation.”
With investments exceeding US$ 20 billion and an expanding digital footprint, e& continues to push technological boundaries, reinforcing its position as the world’s fastest-growing brand.
News Source: Emirates News Agency
