e& Achieves Record AED10.3 Billion Profit in 2023

e& has disclosed its consolidated financial results for the fiscal year 2023, unveiling a remarkable achievement of a record consolidated net profit totaling AED10.3 billion. This signifies a notable growth of 3 percent year-over-year, reaffirming the company’s robust performance amidst dynamic market conditions.

Highlighting its unwavering dedication to enhancing shareholder value, e&’s Board of Directors has recommended a dividend of AED0.40 per share for the latter half of 2023, equating to a total dividend of AED0.80 per share for FY2023. Furthermore, the board has proposed a progressive dividend policy, aiming for an annual increase of 3 fils starting from 2024, with the goal of achieving a dividend per share of 89 fils by FY2026. This proposition is contingent upon approval from shareholders at the forthcoming Annual General Meeting.

Consolidated revenues surged to AED53.8 billion, registering an impressive 8.3 percent year-over-year growth at constant exchange rates. This expansion was propelled by the successful execution of e&’s business transformation strategy, characterized by the diversification of revenue streams and the expansion of business verticals.

Moreover, consolidated EBITDA climbed by 3.7 percent year-over-year at constant exchange rates, reaching AED26.1 billion, resulting in an EBITDA margin of 49 percent. This underscores the robust profitability of e&’s operations and its adeptness in navigating evolving market dynamics.

e& UAE experienced substantial growth in its subscriber base, with over 14 million subscribers, marking a 3 percent increase compared to the previous year. Across the Group, aggregate subscribers reached 169 million, reflecting a 4 percent uptick from 2022.

Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, expressed pride in the company’s achievements, citing technological innovations and resilience in the face of challenges. He emphasized e&’s commitment to fostering innovation, progress, and sustainable growth, aligning with the visionary leadership of the UAE.

Hatem Dowidar, Group Chief Executive Officer of e&, attributed the strong financial performance to the success of the company’s business transformation strategy. He lauded e&’s evolution into a global technology powerhouse and reiterated the organization’s dedication to pioneering digital connectivity solutions.

Dowidar extended appreciation to e&’s dedicated teams, customers, and shareholders, acknowledging their pivotal role in driving the company’s success. He expressed confidence in e&’s ability to sustain future growth by leveraging technology to connect people, businesses, and communities.