e& Reports Strong H1 2024 Performance with 6% Revenue Growth

e& announced its consolidated financial results for the first half of 2024, reporting a 6% year-over-year (YoY) increase in revenue to AED 28.3 billion. The group’s net profit grew by 17% to AED 5.5 billion, and consolidated EBITDA reached AED 12.9 billion, resulting in a healthy EBITDA margin of 46%.

e&’s financial performance is driven by its strategic focus on growth in local and international markets and its commitment to innovation. The company’s subscriber base also grew significantly, with total subscribers reaching 175 million, a 6% YoY increase, while e& UAE subscribers reached 15 million, representing a 5% YoY growth.

For H1 2024, the key financial highlights are as follows:

– Revenue: AED 28.3 billion (up 6% YoY)

– Net Profit: AED 5.5 billion (up 17% YoY)

– EBITDA: AED 12.9 billion (up 2% YoY)

– Earnings per Share: AED 0.63 (up 17% YoY)

– Consolidated Group Subscribers: 175 million (up 6% YoY)

At constant exchange rates, revenue increased by 8% and EBITDA by 3% year-over-year.

e&’s Board of Directors approved an interim dividend of 41.5 fils per share for the first half of 2024. This decision aligns with the new dividend policy approved at the Annual General Meeting (AGM) earlier this year, which includes an incremental increase of AED 0.03 per share annually for the fiscal years 2024, 2025, and 2026.

H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, commented on the results, emphasizing the company’s resilience and sustained growth. He highlighted the company’s commitment to excellence and innovation, which has driven its strong performance. Hatem Dowidar, Group CEO of e&, noted the company’s dedication to technological innovation and strategic expansions, which have enhanced e&’s leadership in digital transformation.

Looking ahead, e& remains focused on leveraging technology to empower individuals, businesses, and communities. The company aims to continue its progress, enhance its value proposition, and expand access to connectivity, driving socio-economic progress and reinforcing the UAE’s status as a global innovation hub. e& is a leading technology and investment group dedicated to driving innovation and delivering value to its customers, shareholders, and communities. The company is also committed to sustainability, focusing on reducing its environmental impact and promoting digital inclusion through various initiatives.