E& Shareholders Approve Cash Dividend for FY 2024
On Tuesday, shareholders of e& officially endorsed the Board’s proposal for a cash dividend of 83 fils (Dh0.83) per share for the fiscal year 2024.
Chairman Statement
Jassem Mohamed Bu Ataba Alzaabi, the Chairman of e&, remarked, “The year 2024 was another milestone characterized by rapid growth and significant advancements in our journey to becoming a global technology entity. e& achieved record consolidated revenues of Dh59.2 billion, representing a 10.1% increase, alongside a net profit of Dh10.8 billion, a 4.3% growth compared to the prior year. These successes were supported by vital strategic choices made by the Board, which included expanding geographically, diversifying revenue streams, and enhancing our digital sectors. These actions not only bolstered our financial stability but also positioned e& to seize new opportunities, ensuring lasting value for our stakeholders.”
CEO Remarks
Hatem Dowidar, the Group Chief Executive Officer of e&, highlighted that “2024 was the year of ‘more’ — more impact, more opportunities, more growth, and a deeper commitment to excellence. This period marked a pivotal phase in our transformation as we advanced towards becoming a global technology frontrunner. We utilized our telecom and digital service presence across 38 nations to enhance returns and improve performance, strengthening our stakeholders’ trust. Through exceptional connectivity, advanced digital solutions, and AI-driven innovations, we aim to empower both our customers and the communities we are part of.”
Financial Highlights
In 2024, e& reported an outstanding financial performance, achieving a consolidated net profit of Dh10.8 billion, reflecting a 4.3% increase year-over-year (YoY). This achievement underscores three years of strategic transformation, reinforcing the company’s status as a global technology leader.
Key Financial Metrics:
– Consolidated revenues reached Dh59.2 billion, with a 10.1% growth fueled by increases across all business sectors.
– Consolidated EBITDA grew by 2.7% YoY at constant exchange rates, amounting to Dh26.5 billion.
– The group’s overall subscriber count rose to 189.3 million, showing an 11.7% increase compared to the previous year.