e& Reports Record Financial Performance in 2024, Expands Global Footprint

Telecommunications and technology giant e& has reported a record-breaking financial performance for 2024, with a consolidated net profit of AED 10.8 billion, marking a 4.3% year-over-year (YoY) increase. The company’s strong results reflect its strategic transformation over the past three years, reinforcing its position as a global leader in digital and technology solutions.

According to a company statement, e&’s consolidated revenues surged to AED 59.2 billion, reflecting a 10.1% YoY growth and a 12.6% increase at constant exchange rates. This growth was driven by strong performances across all business verticals, bolstering the company’s global expansion and technological investments.

The group’s total subscriber base grew by 11.7% from 2023, reaching 189.3 million. In the UAE, e& experienced continued growth, surpassing 15 million subscribers—a 5.4% increase compared to the previous year. Meanwhile, the company’s consolidated EBITDA climbed to AED 26.5 billion, reflecting a 2.7% YoY increase at constant exchange rates.

Commitment to Shareholders

Reaffirming its dedication to shareholder value, e& has delivered on its progressive three-year dividend policy. The policy includes an annual incremental increase of 3 fils per share for the fiscal years 2024, 2025, and 2026. For 2024, the company’s board 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.

Strategic Growth and Expansion

Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, highlighted the company’s transformative journey, stating: “2024 was a year of growth, driven by bold vision, AI-driven innovation, and relentless commitment to digital empowerment. Emerging as the ‘World’s Fastest Growing Brand’ and establishing our first operational footprint in Europe were defining moments in e&’s journey.”

Alzaabi emphasized that beyond financial success, the company’s growth is measured by its impact on businesses and communities. “Guided by the UAE’s visionary leadership, we continue to drive economic progress, empower businesses, and transform lives across three continents,” he said.

Investments in AI and Digital Innovation

Group CEO Hatem Dowidar underscored e&’s focus on AI-driven innovation, cloud computing, and workforce upskilling. “Our expansion into Europe, AI scaling, and strategic investments reflect our long-term commitment to digital transformation,” he stated.

e& recently completed a majority acquisition of PPF Telecom’s assets in Central and Eastern Europe, adding over 10 million new subscribers across Bulgaria, Hungary, Serbia, and Slovakia. This move further strengthens its global presence and unlocks scalable digital solutions. Additionally, its acquisition of GlassHouse has expanded its capabilities in cloud, data, and SAP services across Türkiye, South Africa, and Qatar.

Dowidar emphasized that these strategic expansions align with e&’s vision to create a robust digital ecosystem that enables businesses to scale, governments to innovate, and communities to thrive. “We will continue to push the boundaries of AI, scale intelligent platforms, and ensure technology is a force for good, creating lasting positive impact for societies worldwide,” he said.

Looking Ahead

As e& enters 2025, the company is poised for continued growth with plans to further expand its digital footprint, pioneer AI-driven innovations, and enhance its global reach. With its commitment to technological advancement and digital empowerment, e& aims to drive the next phase of digital transformation on a global scale.