UAE group e& delivers $7.7bn revenue in H1; profit up 17pc
ABU DHABI, July 31, 2024
Leading UAE group e& has reported a consolidated revenue of AED28.3 billion ($7.7 billion) for the first half of the year, up 6% over last year, while its consolidated net profit surged by 17% to hit AED5.5 billion ($1.5 billion), thus demonstrating strong performance across all business verticals.
Announcing the results for the six-month period ended June 30, 2024, e& said its robust financial results were driven by its relentless focus on maintaining its growth momentum with a strong commitment to drive innovation while enabling a digital future for customers across its markets.
This is further evidenced by the group’s growing subscriber base, with total subscribers reaching 175 million in a significant YoY increase of 6 per cent while the total number of e& UAE subscribers reached 15 million, representing a 5% YoY growth in H1.
Reflecting the effectiveness of its strategic focus on growth in local and international markets, the group's consolidated ebitda reached AED12.9 billion, resulting in a healthy ebitda margin of 46%.
Delivering on its promises of maximising value to its shareholders, e&’s board of directors approved an interim dividend of 41.5 fils per share for the first half (January to June) in accordance with the new dividend policy that was greenlit by the shareholders at the Annual General Meeting (AGM) earlier this year, said the group in a statement.
The newly approved dividends policy stipulates an incremental increase of AED 0.03 per share every year for the fiscal years 2024, 2025, and 2026, it added.
On the robust results, Chairman Jassem Mohamed Bu Ataba Alzaabi said: "e& showcased remarkable resilience and sustained its upward trajectory in the first half of 2024, achieving consolidated net profits of AED5.5 billion, representing a year-over-year growth of 17 per cent. This robust performance was driven by our unwavering commitment to excellence and innovation."
"We are proud of the progress made in the first half of 2024, which 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.
Reflecting on e&'s growth trajectory and future prospects despite challenges in some of its markets, Alzaabi said: "e& remains committed in delivering top-tier services and advanced technologies with a focus on purpose and value. Our ongoing investments in digital infrastructure and emerging technologies position us as a driving force for innovation and growth, making us the preferred partner in advancing the digital economy."
"With the support and vision of the UAE leadership, we will continue to play a crucial role in shaping the digital landscape and driving socio-economic progress, thereby reinforcing the UAE's status as a global innovation hub," he stated.
Group CEO Hatem Dowidar said the H1 performance highlights the company's dedication and efforts to foster growth and efficiency while demonstrating resilience and adaptability to the various challenges in some of our markets.
"e& achieved impressive results with consolidated revenue increasing by 6 per cent to AED28.3 billion, and consolidated ebitda rising by 2 per cent year-over-year to AED12.9 billion. Our success is driven by our relentless pursuit of technological innovation, delivering tangible value to our customers and shareholders," he noted.
"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," observed Dowidar.
On the future outlook, the Group CEO said: "Looking ahead, I am confident that our dedication to empowering individuals, businesses, and communities through technology will pave the way for growth and create a meaningful impact in people’s lives."
"Despite the challenges in some markets, we will focus on seizing the opportunities ahead. With the unwavering efforts of our teams, we can accelerate our progress, take bold actions to enhance our value proposition, and expand access to connectivity," added Dowidar.-TradeArabia News Service
