e& reports consolidated net profit of Dhs10.3 billion growing 3% y-o-y

e& announced its consolidated financial results for fiscal year 2023 reporting a record consolidated net profit of Dhs10.3 billion, a growth of 3 per cent year-over-year (y-o-y)

Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of Dhs0.40 per share for the second half of 2023 representing a total dividend of Dhs0.80 per share for FY2023.

In addition, the board recommended a new progressive dividend policy with an increment of 3 fils every year starting from year 2024, bringing the DPS to 89 fils by FY2026. This proposal is subject to shareholders’ approval at the Annual General Meeting.

Consolidated revenues reached Dhs53.8 billion, a growth of 8.3 per cent year-over-year, at constant exchange rates, underpinned by the Group’s successful business transformation, expanding the business verticals and diversifying the revenue streams.

Moreover, consolidated EBITDA increased by 3.7 per cent year-over-year at constant exchange rates, to Dhs26.1 billion, leading to an EBITDA margin of 49 per cent, highlighting the strong profitability of e&’s operations.

Reporting strong growth in subscriber base, e& UAE recorded more than 14 million subscribers an increase of 3 per cent compared to the previous year, and the Group’s aggregate subscribers reached 169 million, an increase of 4 per cent over 2022.

Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of Dhs0.40 per share for the second half (July to December) of 2023 representing a total dividend of Dhs0.80 per share for FY 2023.

Chairman of e&, Jassem Mohamed Bu Ataba Alzaabi, said, “In 2023, e& grew from strength to strength. We led technology-driven innovations, navigated challenging global market conditions, and emerged stronger, further solidifying our position as a leading global technology player. Our robust financial performance with a record net profit of Dhs10.3 billion, and strong top-line growth of 3 per cent is a testament to our resilience and setting e& on the right path for future growth.”

“We continue to be inspired by UAE leadership; their determination to push boundaries sets a remarkable example of what is possible when a clear vision aligns with excellence in execution. Similarly, our commitment to making e& an embodiment of innovation, progress, and growth remains unwavering. Our vision is grounded in the dual objectives of delivering sustainable business growth and pioneering digital transformation technologies. From cementing our diversified business pillars to introducing new, impactful products and services, we are committed to empowering our 169 million subscribers across our operations,” Alzaabi added.

Hatem Dowidar, Group Chief Executive Officer of e&, said, “The strong financial performance achieved by e& in 2023, with consolidated revenues reaching Dhs53.8 billion, a growth of 8.3 per cent year-over-year, at constant exchange rates, is a strong testament to the success of our business transformation strategy.

“e& continued to thrive as a leader in MEA, remaining one of the world’s most valuable and strongest brands and becoming the fastest-growing technology brand in the region. This highlighted our evolution into a global technology group supported by the strong performance of our brand portfolio. We will continue to push our boundaries to be at the forefront of the digital era by developing next-generation digital connectivity and cutting-edge solutions.”

Dowidar added, “I want to express my appreciation to our talented teams for their efforts and innovative spirit, which remain the driving force behind our success. We also extend our gratitude to our loyal customers and shareholders for their continued trust in our vision. Moving forward, I am confident that our commitment to connecting people, businesses, and communities through technology will continue to drive sustained future growth.”

In 2023, e& capitalised on every opportunity to address the customers current and future needs, delivering next-generation solutions that enable the successful digital transformation of industries and bring ease and simplicity to people’s lives.

e& has flourished as the crown jewel of Middle Eastern and African (MEA) brands. The 2024 Brand Finance Global 500 Report, confirms e&’s transformation as MEA’s Fastest Growing Technology Brand. The annual report on the world’s most valuable and strongest brands highlighted e&’s evolution into a global technology powerhouse that saw its TMT brand portfolio skyrocket to US$17 billion in 2024 cementing it as the most valuable TMT brand portfolio in MEA.

e&’s diverse portfolio and expanding reach, driven by its core telecoms business, e& UAE, and e& international and the specialised business pillars of e& life, e& enterprise, and e& capital, underscore its commitment to innovation and sustainability.