e& Reports Record Revenue and Profit for FY 2024
e& has announced remarkable financial results for the fiscal year 2024, achieving a consolidated net profit of AED 10.8 billion. This result marks an impressive year-over-year increase of 4.3%, underscoring the company’s commitment to strategic growth and innovation. The financial performance achieves another milestone as consolidated revenues surged to AED 59.2 billion, demonstrating a significant increase of 10.1% compared to the previous year.
Growth Across All Business Verticals
The growth trajectory of e& has been supported by substantial progress across all business sectors. This includes expanding its footprint to 38 countries and increasing its total subscriber base to 189.3 million, reflecting a robust increase of 11.7% over 2023. This diversification is critical as it allows e& to thrive in various markets, thereby enhancing its overall brand strength and market presence.
Strategic Innovations and AI Investments
Through its strategic planning, e& has focused on digital transformation, driving innovation, and enhancing customer engagement. The investment in artificial intelligence and digital infrastructures has been pivotal in positioning e& as a leader in the global technology landscape, highlighting its transformative journey. With a brand portfolio and investments valued at over US$ 20 billion, e& was recognized as the 'World's Fastest Growing Brand'.
Financial Highlights for FY 2024
The following key financial highlights were noted for the fiscal year:
Revenue and Profit Metrics
- Revenue: AED 59.2 billion, 10.1% increase
- Net Profit: AED 10.8 billion, 4.3% increase
- EBITDA: AED 26.5 billion, 2.7% increase
- Earnings per Share: AED 1.24, representing a year-over-year growth of 4.3%
- Consolidated Group Subscribers: 189.3 million, up 11.7%
Commitment to Shareholder Value
Demonstrating its commitment to shareholders, e& has proposed a cash dividend of 41.5 fils per share for the second half of FY 2024. This brings the total annual dividend to 83 fils per share, ensuring consistent value for investors. Additionally, a progressive dividend policy aims to increase dividends incrementally over the next few fiscal years.
Leadership Insights
H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, emphasized that the year was marked by significant growth, driven by a bold vision and a commitment to leveraging AI for advanced solutions. He highlighted e&’s operational advancements into Europe and the burgeoning subscriber base as crucial milestones.
Expanding on this, Hatem Dowidar, the Group CEO, stated that 2024 was transformative for their business. With consistent growth in revenues and profits, e& has solidified its impact through strategic acquisitions, especially in Central and Eastern Europe, allowing for a broader reach of services and solutions.
The acquisition of PPF Telecom’s assets added over 10 million new subscribers in key regions, underscoring e&’s growth strategy. Additionally, the recent acquisitions in cloud and data sectors will further enhance its service offerings across various markets.
Future Growth Prospects
Looking ahead, e& is excited about the opportunities this growth presents. The focus will continue to incorporate advanced technologies to create impactful solutions, enabling significant progress across diverse regions. By prioritizing digital empowerment and connectivity, e& aims to foster a collaborative environment conducive to innovation.
As the organization progresses, it remains committed to leading digital transformation initiatives that empower communities and propel economic growth on a global scale.
Frequently Asked Questions
What is the net profit reported by e& for FY 2024?
e& reported a net profit of AED 10.8 billion for the fiscal year 2024, marking a 4.3% increase year-over-year.
How much did e&'s revenue grow in FY 2024?
The revenue for e& increased by 10.1% in FY 2024, reaching AED 59.2 billion.
How many subscribers does e& currently have?
e& currently boasts a subscriber base of 189.3 million, reflecting an 11.7% increase from the previous year.
What was the proposed dividend per share for FY 2024?
The board has proposed a cash dividend of 41.5 fils per share for the second half of FY 2024, totaling to 83 fils for the year.
What is e&'s commitment to technological innovation?
e& is committed to investing in AI and digital transformation to enhance its services, increase shareholder value, and drive innovation across markets.
