On Tuesday, the shareholders of e& endorsed the Board’s proposal for a cash dividend of 83 fils (Dh0.83) per share for the fiscal year 2024.
The Chairman of e&, Jassem Mohamed Bu Ataba Alzaabi, remarked, “The year 2024 was marked by significant achievements driven by robust growth and a successful execution of our strategy aimed at our transformation into a leading global technology enterprise. e& reached record consolidated revenues of Dh59.2 billion, a rise of 10.1 per cent, along with a record net profit of Dh10.8 billion, showing an increase of 4.3 per cent for 2024. These milestones demonstrate the positive outcomes of the strategic initiatives taken by the Board, which included geographic expansion, revenue diversification, and enhancing our digital offerings. Such efforts have strengthened our financial stability and positioned e& to seize new opportunities while ensuring sustainable long-term benefits for our stakeholders.”
Hatem Dowidar, the Group Chief Executive Officer of e&, added, “The year 2024 was characterized by an emphasis on ‘more’—more impact, more opportunities, more growth, and an unwavering commitment to excellence. This period has represented a significant phase in our journey towards transformation as we advance towards becoming a global leader in technology. Our strong presence in the telecommunications and digital services sectors across 38 countries has allowed us to provide higher dividends and enhanced performance, thereby increasing trust amongst our stakeholders. With superior connectivity, innovative digital solutions, and advancements driven by AI, we will persist in empowering our customers and the communities we serve.”
e& achieved noteworthy financial results in 2024, with a consolidated net profit of Dh10.8 billion, marking a 4.3 per cent increase compared to the previous year. This accomplishment is a testament to three years of strategic transformation that has solidified the Group’s reputation as a global technology entity.
Consolidated revenues amounted to Dh59.2 billion, reflecting a 10.1 per cent growth fueled by gains across all business segments. Consolidated EBITDA grew by 2.7 per cent year-on-year (YoY) at constant currency rates, reaching Dh26.5 billion. The Group’s total subscriber count expanded to 189.3 million, representing an 11.7 per cent rise from 2023.