E& Achieves Strong Profit in 2024 with Record Growth
Record Financial Performance in 2024
E& reported a net profit of AED 10.8 billion in 2024, reflecting 4.3% year-over-year growth. Consolidated revenues increased by 10.1%, reaching AED 59.2 billion, driven by all business verticals. The company’s EBITDA rose by 2.7% at constant exchange rates, totaling AED 26.5 billion.
Subscriber Growth Strengthens Market Position
E& UAE’s subscriber base surpassed 15 million, marking a 5.4% increase from the previous year. The total global subscriber base grew by 11.7%, reaching 189.3 million in 2024. This expansion reinforces E&’s leadership in connectivity and digitalization.
Strategic Expansion Fuels Growth
E& expanded into Central and Eastern Europe by acquiring PPF Telecom’s assets, adding 10 million subscribers. This move strengthened E&’s global presence in Bulgaria, Hungary, Serbia, and Slovakia. The acquisition of GlassHouse enhanced cloud, data, and SAP capabilities in Türkiye, South Africa, and Qatar.
Commitment to AI and Digital Innovation
E& invested in AI ecosystems, intelligent platforms, and industry-leading digital solutions to drive transformation. These innovations enhanced businesses, governments, and communities, creating a future-ready digital ecosystem.
Sustainable Shareholder Returns
E& introduced a progressive dividend policy, increasing dividends by 3 fils annually until 2026. For 2024, the board proposed a cash dividend of 41.5 fils per share for the second half. The total annual dividend reached 83 fils per share, demonstrating E&’s commitment to shareholder value.
Vision for the Future
Chairman Jassem Mohamed Bu Ataba Alzaabi emphasized AI-driven innovation and digital empowerment as growth drivers. He highlighted E&’s role in economic progress and workforce upskilling to build the UAE’s digital future.
Unstoppable Growth Ambitions
Group CEO Hatem Dowidar reiterated E&’s focus on AI, digital transformation, and global expansion. He emphasized the company’s commitment to pioneering technology and creating a lasting positive impact.
Conclusion
E& delivered strong profit in 2024 through strategic growth, AI investments, and global expansion. The company remains focused on digital transformation, shareholder value, and technological advancements for a better future.