e& has announced its consolidated financial results for the first half of 2024, reporting consolidated revenues of AED 28.3 billion, representing a year-over-year (YoY) growth of 6% and demonstrating strong performance across all business verticals.
Reflecting on the effectiveness of its strategic focus on growth in local and international markets, the group's consolidated net profit grew by 17% to AED 5.5 billion. Furthermore, consolidated EBITDA reached AED 12.9 billion, resulting in a healthy EBITDA margin of 46%.
e&’s robust financial results have been driven by its relentless focus on sustaining growth momentum, a strong commitment to innovation, and enabling a digital future for customers across its markets. This is further evidenced by the group’s growing subscriber base, with total subscribers reaching 175 million in a significant YoY increase of 6%. The total number of e& UAE subscribers reached 15 million, representing a YoY growth of 5%.
Q1 2024 Coverage: e& Reports Consolidated Revenues of AED 14.2 Billion in Q1 2024
A Commitment to Excellence and Innovation
e&’s Board of Directors approved an interim dividend of 41.5 fils per share for the first half (January to June) of 2024, in accordance with the new dividend policy that was greenlit by the shareholders at the Annual General Meeting (AGM) earlier this year.
The newly-approved dividends policy stipulates an incremental increase of AED 0.03 per share every year for the fiscal years 2024, 2025, and 2026.
H.E. Jassem Mohamed Obaid Bu Ataba Alzaabi, Chairman, e&, said, “e& showcased remarkable resilience and sustained its upward trajectory in the first half of 2024, achieving consolidated net profits of AED 5.5 billion, representing a year-over-year growth of 17%. This robust performance was driven by our unwavering commitment to excellence and innovation.”
Meanwhile, Hatem Dowidar, Group Chief Executive Officer, e&, said, “Looking ahead, I am confident that our dedication to empowering individuals, businesses, and communities through technology will pave the way for growth and create a meaningful impact in people’s lives. Despite the challenges in some markets, we will focus on seizing the opportunities ahead. With the unwavering efforts of our teams, we can accelerate our progress, take bold actions to enhance our value proposition, and expand access to connectivity. We are deeply grateful to our customers and shareholders for their continued support and trust as we explore new avenues and achieve new milestones.”
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