UAE's leading telecom services operator e& (formerly Etisalat Group) has announced that it has won approval at the annual general meeting (AGM) to distribute cash dividends at a value of AED 0.4 per share (representing a total annual dividend of AED0.8 per share) to shareholders for the second half of 2021. 

 

During the meeting, the board praised e&’s efforts in accelerating its digital transformation in an ever-changing business landscape. 

 

In light of its recent transformation into a global technology conglomerate, e& was commended for seizing different opportunities to create a more progressive business model that realises the Group’s vision of impacting the lives of its customers and shareholders alike.

 

Addressing the gathering, Chairman Jassem Mohamed Bu Ataba Alzaabi said: "As we enter the next chapter of our journey, we are confident that we will continue to witness even greater success as we continue to create an environment with limitless possibilities built on solid foundations, smart

connectivity and fruitful collaborative opportunities."

 

Adopting a growth mindset to stay fit for the future, Alzaabi highlighted a series of achievements that has enabled e& to begin a new chapter, in line with its ambitious strategy to amplify business growth across different segments. 

 

The Group was named the strongest telecoms brand in the world in January 2022, and also topped the Forbes MENA Top 10 most valuable listed companies in the UAE. It reported a solid net profit of AED 9.3 billion, an increase of 3.2% year on year. It also saw a 3.0% increase in its aggregated subscriber base, rising to 159 million. 

 

Alzaabi pointed out that e& has also maintained the UAE’s network leadership with one of the fastest and most advanced networks in the world for the second year, and global FTTH penetration leadership.

 

According to him, value creation remains at the core of the work e& does as it continues to lead the change for growth. 

 

"We’ve already witnessed a defining moment in our history through our transformation as e&, thanks to the strong financials and standing in the market. Our growth mindset will continue to guide us forward as we refocus our efforts on investing in breakthrough technologies, accelerating in-depth market penetrations and capitalising on solid ventures with key industry players," he added. 

 

During the meeting, Hatem Dowidar, GCEO of e& shared that the Group’s strong financial performance resulted from successful international operations and steady improvements in domestic operations despite persistent challenges in the markets where it operates. 

 

"This has been an exceptional year for us as we delivered solid financial performance and business growth across all our operations in 2021. The Group’s consolidated revenues increased by 3.2% to AED 53.3 billion and consolidated net profit amounted to AED 9.3 billion, representing a 3.2% increase year-on-year. Our consolidated ebitda amounted to AED 26.7 billion, representing a year-on-year increase of 1.0% which resulted in an ebitda margin of 50.1%, he added.