e& has achieved remarkable financial success in 2024, reporting a consolidated net profit of AED10.8 billion ($2.9 billion), reflecting an increase of 4.3 percent year-over-year (YoY). This achievement further signifies three years of strategic transformation, solidifying the Group’s status as a leading global technology entity, as stated by the Group.
Consolidated revenues reached AED59.2 billion ($16.1 billion), increasing by 10.1 percent and 12.6 percent in constant exchange rates, driven by expansion across all business verticals. Furthermore, consolidated EBITDA grew by 2.7 percent YoY at constant exchange rates, amounting to AED26.5 billion ($7.2 billion).
e& UAE has maintained a robust growth trajectory, with its subscriber base exceeding 15 million, marking a rise of 5.4 percent compared to the previous year. The overall subscriber base of the Group expanded to 189.3 million, indicating an 11.7 percent increase compared to 2023.
e& has demonstrated strong growth across all verticals, broadening its portfolio while intensifying its focus on connectivity and digitalization. By fostering innovation and long-term value creation, the Group remains dedicated to delivering sustainable returns to its shareholders.
Commitment to dividend policy
“To illustrate this commitment, we have fulfilled the first year of our three-year progressive dividend policy, which includes an incremental increase of 3 fils (AED0.03) each year for the fiscal years 2024, 2025, and 2026,” the statement said. This policy further aims to elevate the dividend per share (DPS) to 89 fils (AED0.89) by FY 2026, highlighting the Group’s confidence in its ongoing financial strength and growth outlook. Additionally, for FY 2024, the board has suggested a cash dividend of 41.5 fils (AED0.415) per share for the second half (July to December) of 2024, bringing the total annual dividend to 83 fils (AED0.83) per share—further emphasizing e&’s commitment to providing consistent value to its shareholders.
Leadership insights on growth
Jassem Mohamed Bu Ataba Alzaabi, chairman of e&, stated: “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. With a net profit of AED10.8 billion and subscribers growing to 189.3 million, our performance reflects our strategic foresight and unwavering focus on value creation. Beyond financial success, real growth is measured in impact. Guided by the UAE’s visionary leadership, we continue to drive economic progress, empower businesses, and transform lives across three continents.
“Our investments in AI ecosystems, intelligent platforms, and industry-defining solutions reinforce our role as a catalyst for change. At the heart of our success is our talent—the driving force of our innovation. Our leadership in Emiratization and commitment to workforce upskilling is not just a business responsibility but a strategic advantage. By equipping the next generation with AI and digital expertise, we are building the UAE’s digital future and cultivating leaders who will drive global transformation. As we move forward, we will continue to leverage technology as a force for progress—where AI enhances lives, networks fuel digital economies, and every connection we build opens doors to something greater,” Alzaabi further noted.
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Transformative journey in 2024
Hatem Dowidar, group chief executive officer of e&, added: “In 2024, we accelerated our transformative journey as a Global Technology Group—scaling AI, expanding into Europe, and driving impact across three continents. Our consolidated revenues surpassed AED59.2 billion, growing by 10.1 percent year-over-year, while consolidated EBITDA rose 2.7 percent in constant currency to AED26.5 billion. Our financial performance reflects the trust we’ve built, the bold investments we’ve made, and the transformative added value we continue to create. A landmark achievement was e&’s expansion into Central and Eastern Europe with the majority acquisition of PPF Telecom’s assets, adding over 10 million new subscribers across Bulgaria, Hungary, Serbia, and Slovakia. This move enhances our global presence, unlocks scalable digital solutions, and promotes digital inclusion. Additionally, our acquisition of GlassHouse expanded our cloud, data, and SAP capabilities across Türkiye, South Africa, and Qatar, solidifying our leadership in enterprise digital transformation.
Moreover, Dowidar said, “These strategic moves are integral to our long-term aspirations—to establish a robust, future-ready digital ecosystem that empowers businesses to scale, governments to innovate, and communities to thrive. As we conclude 2024, we are determined to ‘Go for More’—expanding our digital footprint, pioneering AI-driven innovations, and delivering impactful solutions. With a brand portfolio and investments exceeding $20 billion, e& is the World’s Fastest Growing Brand, a testament to our relentless pursuit of innovation and progress. Looking ahead, we are positioned for even greater growth and transformation. Our ambition is unwavering: to lead the digital transformation that creates a lasting positive impact, fosters collaboration, and empowers societies. We will continue to push the boundaries of AI, scaling intelligent platforms, and ensuring that technology is a force for good, and that every innovation we deliver serves as a catalyst for progress.”
