e& disclosed its consolidated financial results for Q1 2024, reporting consolidated revenue of AED 14.2 billion, growing 9% year-over-year, while consolidated net profit increased to AED 2.3 billion, a year-over-year growth of 7%. The group’s consolidated EBITDA reached AED 6.4 billion, growing 3% year-over-year, resulting in an EBITDA margin of 45%.
The number of e& UAE subscribers reached 14.5 million in Q1 2024, while consolidated group subscribers reached 173 million, representing an increase of 5 per cent over the same period last year.
Financial Highlights for Q1 2024
e& reported strong performance across its operations. This was driven by the expansion of partnerships across its verticals and continuous investments in developing critical infrastructure for future readiness.
| Q1 2024 | Q1 2023 | Per cent change | |
| Revenue | AED 14.2 billion | AED 13.0 billion | 9% |
| Net Profit | AED 2.3 billion | AED 2.2 billion | 7% |
| EBITDA | AED 6.4 billion | AED 6.2 billion | 3% |
| Consolidated Group Subscribers | 173 million | 164 million | 5% |
H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e& said: “e& reported strong performance in Q1 with consolidated net profits reaching AED 2.3 billion, a growth of 7 per cent year-over-year. This was driven by our focus to build a progressive business model represented by our well-positioned verticals to grow and succeed throughout the year. The group’s efforts towards forming new partnerships across the business ecosystem to deploy emerging technologies that drive next-generation digital connectivity has played a significant role in this success journey. We are pushing the boundaries of technology, empowering millions of people with innovative solutions and making breakthroughs in supporting the UAE’s well-defined vision for digital transformation.”
Hatem Dowidar, Group Chief Executive Officer of e&, said: “Our evolution as a tech-co that embraces the future is reflected in our Q1 financial results, building on the momentum of last year’s success. e&’s robust performance in Q1, with consolidated revenue growth of 9 per cent to AED 14.2 billion while consolidated EBITDA reached AED 6.4 billion, growing 3 per cent year-over-year. This is a testament of the strategic choices we’ve made in diversifying our portfolio, fortifying our brand, and cementing partnerships in our unrelenting efforts to digitally empower the people and communities we serve while maximising value creation for our shareholders.”
