UAE’s e& reports 3 percent jump in consolidated net profit at $2.8 billion in 2023

Consolidated revenues for e& reach AED53.8 billion, a growth of 8.3 per cent year-over-year
UAE’s e& reports 3 percent jump in consolidated net profit at $2.8 billion in 2023
The e& board has proposed a total dividend of AED0.80 per share for FY 2023

UAE’s e& reported a record consolidated net profit of AED10.3 billion ($2.8 billion) for the fiscal year 2023, a growth of 3 percent year-on-year.

Consolidated revenue for the year stood at AED 53.8 billion, up 8.3 percent year-on-year at constant exchange rates, underpinned by the group’s successful business transformation, expansion of business verticals and diversifying of revenue streams.

The group’s board of directors has proposed a dividend of AED0.40 per share for the second half of 2023. This brings the total dividend for FY2023 at AED0.80 per share.

Interview: Group CEO Hatem Dowidar on how e& is spearheading the world’s transformative tech space

“In 2023, e& grew from strength to strength. We led technology-driven innovations, navigated challenging global market conditions, and emerged stronger, further solidifying our position as a leading global technology player,” e& chairman Jassem Mohamed Bu Ataba Alzaabi said.

“Our vision is grounded in the dual objectives of delivering sustainable business growth and pioneering digital transformation technologies. From cementing our diversified business pillars to introducing new, impactful products and services, we are committed to empowering our 169 million subscribers across our operations,” he added.

Group CEO Hatem Dowidar added: “The strong financial performance achieved by e& in 2023…is a strong testament to the success of our business transformation strategy. e& continued to thrive as a leader in MEA, remaining one of the world’s most valuable and strongest brands and becoming the fastest-growing technology brand in the region. This highlighted our evolution into a global technology group supported by the strong performance of our brand portfolio.”

Strong subscriber base

e& UAE recorded more than 14 million subscribers, an increase of 3 per cent compared to the previous year. The group’s aggregate subscribers reached 169 million, an increase of 4 per cent over 2022.

2023 milestones for UAE’s e&

PTCL, a subsidiary of UAE’s e&, acquired a 100 per cent stake in Telenor Pakistan, subject to regulatory approvals. e& also signed a binding agreement to acquire PPF Telecom assets in Europe.

In addition to becoming the largest shareholder in Vodafone, e&’s strategic agreements included acquiring a majority stake in Careem’s Super App and completing the ServiceMarket acquisition.

e& joined forces with SK Telecom, Deutsche Telekom and Singtel to launch a global alliance in AI for telecoms. This alliance will pave the way for innovations and co-development of the Telco AI platform.

In UAE, the company continuously exceeded its Emiratisation target, with over 53 per cent Emiratisation rate.

Digital product and service diversification led to the growth of the ‘Smiles’ online marketplace, reaching more than 3.5 million. The ‘GoChat’ super app achieved more than 7.5 million downloads.

e& capital

e& capital continued to drive innovation and investments in promising startups, enabling cutting-edge technologies. It participated in the $25 million Series A funding round for Ikigai Labs, a startup committed to bringing generative AI to tabular data.

e& capital also led a Series A funding round for Maxbyte, driving the industry 4.0 revolution in the MENA region. Additionally, e& capital led a Series B funding round for Airalo, the global eSIM marketplace enabling travellers with seamless connectivity.

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