E& Reports AED 10.8 Billion Net Profit In 2024 Driven By Strategic Growth And Innovation

e& has achieved a remarkable financial performance in 2024, reporting a consolidated net profit of AED 10.8 billion, marking a 4.3% increase from the previous year. This achievement underscores three years of strategic transformation, solidifying its position as a global technology group. Consolidated revenues reached AED 59.2 billion, reflecting growth of 10.1% and 12.6% at constant exchange rates, driven by expansion across all business sectors.

Hatem Dowidar, Group CEO of e&, highlighted the company's transformative journey in 2024 as a Global Technology Group. "In 2024, we accelerated our transformative journey as a Global Technology Group—scaling AI, expanding into Europe, and driving impact across three continents," he stated. The company’s consolidated revenues exceeded AED 59.2 billion, growing by 10.1% year-over-year, while consolidated EBITDA increased by 2.7% in constant currency to AED 26.5 billion.

A significant milestone for e& was its expansion into Central and Eastern Europe through the majority acquisition of PPF Telecom’s assets. This move added over 10 million new subscribers across Bulgaria, Hungary, Serbia, and Slovakia, enhancing its global presence and fostering digital inclusion. Additionally, acquiring GlassHouse expanded its cloud, data, and SAP capabilities in Türkiye, South Africa, and Qatar.

The subscriber base in the UAE surpassed 15 million in 2024, showing an increase of 5.4% compared to the previous year. Overall, e&'s total subscriber base grew to 189.3 million globally, marking an impressive rise of 11.7% from the previous year.

e& has demonstrated its commitment to shareholders with a progressive dividend policy over three years starting in 2024. The policy includes an incremental increase of AED 0.03 per share annually for fiscal years up to 2026. For FY 2024 alone, the board proposed a cash dividend of AED 0.415 per share for the second half of the year.

Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, emphasised their growth driven by innovation and digital empowerment: "2024 was a year of growth, driven by bold vision, AI-driven innovation, and relentless commitment to digital empowerment." He noted that their net profit reached AED 10.8 billion with subscribers growing to 189.3 million.

Focus on Innovation and Digital Transformation

e& is committed to building a robust digital ecosystem that supports business scaling and community thriving through technology-driven solutions. The company aims to lead digital transformation globally by leveraging AI advancements and intelligent platforms.

The group continues to focus on connectivity and digitalisation while expanding its portfolio across various verticals. By prioritising innovation and long-term value creation, e& remains dedicated to delivering sustainable returns to shareholders.

The company’s investments in AI ecosystems and industry-defining solutions reinforce its role as a catalyst for change worldwide.

The group's brand portfolio now exceeds US$20 billion due to relentless pursuit of progress through innovation.

Looking ahead at future prospects beyond financial success alone lies real growth measured through impactful contributions guided by visionary leadership within UAE itself.

With inputs from WAM