e& Reports Record AED 10.8B Profit in 2024, Expands Global Reach

e& has delivered a record financial performance in 2024, reporting a consolidated net profit of AED 10.8 billion, a 4.3% year-over-year (YoY) increase. This achievement reflects three years of strategic transformation, reinforcing e&’s position as a global technology powerhouse. Consolidated revenues surged to AED 59.2 billion, growing 10.1% YoY and 12.6% at constant exchange rates, driven by strong performance across all business verticals. Consolidated EBITDA rose 2.7% YoY at constant exchange rates, reaching AED 26.5 billion.

e& UAE continued its growth momentum, surpassing 15 million subscribers, marking a 5.4% increase from the previous year. The Group’s total subscriber base expanded to 189.3 million, a significant 11.7% YoY increase. As part of its commitment to long-term value creation, e& sustained strong growth across all verticals, driving digitalization, connectivity, and innovation. The company also reaffirmed its commitment to delivering sustainable shareholder returns, implementing a progressive three-year dividend policy with an incremental increase of 3 fils per year, elevating dividend per share (DPS) to 89 fils by FY 2026. For FY 2024, the board has proposed a cash dividend of 41.5 fils per share for the second half of the year, bringing the total annual dividend to 83 fils per share.

Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, stated that 2024 was a year of bold vision, AI-driven innovation, and digital expansion, cementing the company’s status as the “World’s Fastest Growing Brand.” He highlighted the importance of e&’s investments in AI ecosystems, intelligent platforms, and industry-defining solutions to drive economic progress and digital transformation. He also emphasized the company’s leadership in Emiratization and commitment to workforce upskilling, ensuring the next generation is equipped with AI and digital expertise.

Hatem Dowidar, Group CEO of e&, highlighted the company’s transformative journey in 2024, scaling AI, expanding into Europe, and driving impact across three continents. He noted that e&’s acquisition of PPF Telecom’s assets added over 10 million new subscribers across Bulgaria, Hungary, Serbia, and Slovakia, strengthening its global presence. The acquisition of GlassHouse further enhanced e&’s cloud, data, and SAP capabilities in Türkiye, South Africa, and Qatar, reinforcing its leadership in enterprise digital transformation. With consolidated revenues surpassing AED 59.2 billion and EBITDA reaching AED 26.5 billion, Dowidar emphasized that e&’s success is built on trust, strategic investments, and continuous innovation. As e& moves forward, the company remains committed to expanding its digital footprint, pioneering AI-driven innovations, and ensuring that technology drives positive global impact. With a brand portfolio and investments exceeding US$ 20 billion, e& continues to push the boundaries of AI, intelligent platforms, and digital connectivity, solidifying its position as a leader in global digital transformation.