e& sees 9 percent growth in revenue to $3.87 billion in Q1 2024, profits surge 7 percent

Number of e& subscribers reached 14.5 million in Q1 2024
e& sees 9 percent growth in revenue to $3.87 billion in Q1 2024, profits surge 7 percent
e& UAE maintained its position as the Strongest Telecom Brand in the World in 2024

In its latest report, e& revealed its financial results for the first quarter of 2024, reporting revenues of AED14.2 billion ($3.87 billion), a 9 percent annual increase, and profits of AED2.3 billion, a 7 percent annual increase. The group’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew 3 percent annually to AED6.4 billion, resulting in an EBITDA margin of 45 percent.

In the UAE, the number of e& subscribers reached 14.5 million in Q1 2024. Meanwhile, the group’s overall subscribers reached 173 million, a 5 percent annual increase. “This is a testament to the strategic choices we’ve made in diversifying our portfolio, fortifying our brand, and cementing partnerships,” stated Hatem Dowidar, group CEO of e&.

e& named fastest growing tech brand

e& reported strong performance across its operations. This was due to the expansion of its partnerships across its verticals and continuous investments in developing critical infrastructure for future readiness. As a result, e& emerged as the Fastest Growing Tech Brand and Most Valuable Brand Portfolio in the Middle East and Africa. Moreover, it has continued its growth trajectory with landmark partnerships, alliances, and large-scale infrastructural developments that position the group as a transformational force.

e&’s growing partnerships

In Q1, e& and its partners in the Global Telco AI Alliance announced a joint venture to develop telco-specific Large Language Models (LLMs). Moreover, the group made a commitment to the International Telecommunication Union’s (ITU) Partner2Connect Digital Coalition, pledging to invest $6 billion between 2024 and 2026 in technological advancement, infrastructure development and innovative digital solutions.

In addition, e& Carrier & Wholesale (C&W) has made significant strides in accelerating the growth of connectivity with milestone agreements in the subsea cable space. Furthermore, e&, Telecom Egypt, Telin and a major Indian operator formed an alliance to develop the ICE IV Project which seamlessly connects the Intra Asia region to India and the Middle East among multiple other partnerships.

Read: UAE reveals 6G roadmap with targeted launch in 2030

Strongest telecom brand

e& UAE maintained its position as the Strongest Telecom Brand in the World in 2024. Moreover, ABAC Center of Excellence also awarded e& UAE the ISO 37001:2016 Anti-Bribery Management System (ABMS) certification, a significant milestone in the group’s commitment to ethical business practices.

Since the launch of e& capital in 2022, it has invested more than $100 million in more than 10 high-growth, technologically innovative companies, placing e& capital as the most active CVC investor in the Middle East.

The group’s portfolio companies are disrupting the technological landscape and driving substantial value to customers across the MENA region and globally. In collaboration with leading global institutions and universities, e& capital companies have come up with some of the most technologically advanced innovations. The company continues to source and invest in innovative founders, supporting them in scaling and benefiting from synergies across the e& ecosystem.

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