e& delivers record revenue and net profit in FY 2024 growing consolidated revenue 10.1% to AED 59.2 billion…reports Asian Lite News
e& has delivered a record-breaking financial performance for the fiscal year 2024, reinforcing its position as a global technology leader. The Group reported a net profit of AED 10.8 billion, marking a 4.3% year-over-year (YoY) growth, while consolidated revenue surged by 10.1% to AED 59.2 billion. This outstanding performance reflects the Group’s ongoing transformation and expansion strategy across multiple markets and technology verticals.
Sustained Growth and Strategic Expansion
e& continued its upward trajectory across all business segments, driving revenue growth and digital innovation. The company’s EBITDA grew to AED 26.5 billion, up 2.7% YoY at constant exchange rates, further strengthening its financial position.
The Group’s total subscriber base expanded to 189.3 million, an 11.7% increase from 2023, with e& UAE’s subscriber count surpassing 15 million, reflecting a 5.4% growth.
Demonstrating its commitment to delivering long-term value, e& successfully implemented the first year of its three-year progressive dividend policy, which will see an incremental increase of 3 fils per year through FY 2026. For FY 2024, the Board has proposed a cash dividend of 41.5 fils per share for H2 2024, bringing the total annual dividend to 83 fils per share.
Vision for Growth and Innovation
H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, highlighted the company’s transformative growth:
“2024 was a landmark year for e&, driven by bold strategic decisions, AI-powered innovations, and a commitment to digital transformation. Our net profit of AED 10.8 billion and subscriber base expansion to 189.3 million reinforce our leadership in the global telecom and technology ecosystem.
Beyond financial success, real growth is measured by impact. Guided by the UAE’s visionary leadership, we continue to drive economic progress, empower businesses, and enhance digital connectivity across three continents. Our investments in AI, intelligent platforms, and industry-defining solutions solidify our role as a catalyst for change.”
Alzaabi also emphasised e&’s dedication to talent development: “Our Emiratisation efforts and focus on upskilling the workforce provide us with a strategic advantage. By equipping the next generation with AI and digital expertise, we are building a future-ready workforce that will shape the UAE’s digital transformation.”
e&’s Global Expansion
Hatem Dowidar, Group CEO of e&, echoed these sentiments, stating:
“In 2024, e& accelerated its transformation into a global technology powerhouse. Our revenue exceeded AED 59.2 billion, growing 10.1% YoY, while EBITDA reached AED 26.5 billion. These figures reflect our commitment to investing in innovation, expanding our digital footprint, and delivering impactful solutions worldwide.”
A key highlight of e&’s expansion strategy was the majority acquisition of PPF Telecom’s assets, marking its entry into Central and Eastern Europe. This move added over 10 million new subscribers across Bulgaria, Hungary, Serbia, and Slovakia, reinforcing the Group’s global presence and unlocking new digital growth opportunities.
Additionally, e&’s acquisition of GlassHouse expanded its cloud, data, and SAP capabilities across Türkiye, South Africa, and Qatar, strengthening its leadership in enterprise digital transformation. These strategic investments underpin e&’s long-term goal of developing a robust, scalable digital ecosystem that supports businesses, governments, and communities worldwide.
“As we closed 2024, we set out to ‘Go for More’—expanding our reach, pioneering AI-driven solutions, and delivering tangible value to our customers and stakeholders,” Dowidar added. “With a brand portfolio and investments exceeding USD 20 billion, e& has earned the title of the World’s Fastest Growing Brand, a testament to our relentless pursuit of innovation and global leadership.”
Key Milestones and Industry Recognition
In 2024, e& achieved several strategic milestones that reinforced its standing as a leading global technology group:
Expansion into 38 countries, solidifying its presence across the Middle East, Asia, Africa, and Central and Eastern Europe.
Recognised as the ‘World’s Fastest Growing Brand’ in Brand Finance’s Global 500 Report, with a brand strength score of 84.6 and an all-time high standalone brand value of USD 15.3 billion.
Secured a place among the Top 10 Most Valuable Telecom Brands globally.
Launched its new brand positioning, ‘Go for More’, reflecting its ambition to lead the future of digital connectivity and AI-driven transformation.
Looking Ahead: AI and Digital Transformation
With AI at the core of its strategic roadmap, e& is poised for greater growth in 2025 and beyond. The Group is committed to scaling AI-driven platforms, expanding its telecom and digital service offerings, and ensuring technology serves as a force for economic progress and social good.
As it continues to push boundaries, e& remains dedicated to fostering collaboration, unlocking new digital frontiers, and shaping the future of global connectivity and digital services.
