E& Achieves Record Net Profit Of AED 10.3 Billion In FY2023, Proposes Increased Dividend

e& has recently disclosed its financial achievements for the fiscal year 2023, showcasing a notable consolidated net profit of AED10.3 billion, marking a 3 percent increase from the previous year. This performance underscores the company's dedication to generating value for its shareholders, as evidenced by the Board of Directors' proposal for a dividend of AED0.40 per share for the latter half of 2023. This brings the total dividend for FY2023 to AED0.80 per share. Furthermore, the board has suggested a progressive dividend policy, aiming for a 3 fils increase annually starting from 2024, which would elevate the dividend per share (DPS) to 89 fils by FY2026, pending approval at the Annual General Meeting.

The company reported consolidated revenues of AED53.8 billion, an 8.3 percent growth year-over-year at constant exchange rates. This growth is attributed to e&'s successful business transformation, which includes expanding business verticals and diversifying revenue streams. Additionally, consolidated EBITDA saw a 3.7 percent increase year-over-year at constant exchange rates, reaching AED26.1 billion and resulting in an EBITDA margin of 49 percent. This highlights the robust profitability of e&'s operations.

e& UAE witnessed a subscriber base growth, recording more than 14 million subscribers—a 3 percent increase compared to the previous year. Overall, the Group's aggregate subscribers reached 169 million, marking a 4 percent growth over 2022.

Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, commented on the company's performance, stating that e& has grown from strength to strength in 2023, leading technology-driven innovations and navigating challenging global market conditions to emerge stronger. He emphasized the company's robust financial performance and top-line growth as evidence of its resilience and future growth potential.

Alzaabi also highlighted the inspiration drawn from UAE leadership and their determination to push boundaries, setting an example of what is possible when vision aligns with excellence in execution. He reaffirmed e&'s commitment to innovation, progress, and growth, aiming to deliver sustainable business growth and pioneer digital transformation technologies.

Hatem Dowidar, Group Chief Executive Officer of e&, reflected on the strong financial performance in 2023, attributing it to the success of the company's business transformation strategy. He noted e&'s position as a leader in MEA and its status as one of the world’s most valuable and fastest-growing technology brands in the region. Dowidar expressed gratitude towards the company's teams for their innovative spirit and efforts, as well as to customers and shareholders for their continued trust.

In conclusion, e&'s financial results for FY2023 highlight its successful business transformation and commitment to innovation. With a solid foundation laid down for future growth, e& continues to focus on connecting people, businesses, and communities through technology.

With inputs from WAM