Technology group e& reported a 6 percent growth in H1 consolidated revenue on Wednesday at AED28.3 billion ($7.7 billion), compared to the year-ago period.
Demonstrating strong performance across all business verticals and reflecting the effectiveness of its strategic focus on growth in local and international markets, the group’s consolidated net profit grew by 17 percent to AED5.5 billion. Furthermore, consolidated EBITDA reached AED12.9 billion, resulting in a healthy EBITDA margin of 46 per cent.
Dividend approved
The group’s board of directors approved an interim dividend of 41.5 fils per share for January to June 2024. This is in line with the new dividend policy approved by shareholders earlier this year. The policy stipulates an incremental increase of AED0.03 per share every year for the fiscal years 2024, 2025 and 2026.
“e& showcased remarkable resilience and sustained its upward trajectory in the first half of 2024. It achieved consolidated net profits of AED5.5 billion, representing a year-over-year growth of 17 percent. This robust performance was driven by our unwavering commitment to excellence and innovation,” said e& chairman Jassem Mohamed Bu Ataba Alzaabi.
“We are proud of the progress made in the first half of 2024. It was bolstered by our recent acquisitions, partnerships, and strategic expansion of our digital services portfolio. These efforts significantly strengthen e&’s position as a leader in digital transformation, providing state-of-the-art solutions to our diverse customer base,” he added.
“e&’s performance in the first half of 2024 highlights our dedication and efforts to foster growth and efficiency while demonstrating resilience and adaptability to the various challenges in some of our markets,” added group CEO Hatem Dowidar.
“Our success is driven by our relentless pursuit of technological innovation, delivering tangible value to our customers and shareholders. We have embraced advanced and emerging technologies, launching numerous AI-driven initiatives and platforms, underscoring our leadership in digital transformation. Strategic partnerships have enhanced our service portfolio, while we continue to expand our global presence through successful acquisitions,” he added.
Subscriber base grows
The group’s subscriber base grew to reach 175 million, an increase of 6 percent over the same period last year. Meanwhile, the total number of e& UAE subscribers reached 15 million, a year-on-year growth of 5 percent.
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