“E&” Group of the UAE Achieves Record Financial Results for 2024 with Strong Revenue and Profit Growth
Dubai, United Arab Emirates –
The UAE-based “E&” Group ( &e) has announced its financial results for 2024, reporting exceptional financial performance. The group achieved consolidated net profits of 10.8 billion dirhams (approximately 2.94 billion USD), marking a 4.3% year-on-year increase. The group’s consolidated revenues grew by 10.1%, reaching 59.2 billion dirhams (approximately 16.12 billion USD), with a notable 12.6% increase at constant exchange rates.
Sustained Growth in Subscriber Base
“E&” continued to experience strong growth in its subscriber base. The number of subscribers surpassed 15 million, reflecting a 5.4% increase compared to the previous year. The total number of subscribers for the group reached 189.3 million, a 11.7% increase compared to 2023. This continued growth underscores the group’s success in enhancing its market presence and attracting new customers.
Financial Performance Analysis
Regarding financial performance, the group showed a significant improvement in earnings before interest, taxes, depreciation, and amortization (EBITDA). It grew by 2.7% year-on-year at constant exchange rates, reaching 26.5 billion dirhams. This improvement highlights the group’s effective strategies in managing its operations.
Investments and Geographic Expansion
In a strategic move to enhance its global presence, “E&” Group completed its acquisition of a controlling stake in “PPF Telecom Group.” This acquisition added over 10 million new subscribers in Central and Eastern Europe, including Bulgaria, Hungary, Serbia, and Slovakia. Additionally, the group acquired “GlassHouse,” strengthening its capabilities in cloud computing and data while offering innovative solutions in markets such as Turkey, South Africa, and Qatar.
Innovation and Digital Transformation at “E&”
“E&” continues to enhance its investments in digital transformation. The group is focusing its efforts on expanding artificial intelligence technologies and broadening its digital portfolio to meet the future needs of the market. Furthermore, the group remains committed to providing sustainable returns to its shareholders through supporting innovation and enhancing long-term value.
Dividend Distribution Policy of “E&”
The Board of Directors of “E&” has adopted a progressive dividend distribution policy for the upcoming years. The policy includes an annual increase of 3 fils (0.03 dirhams) in dividends for the fiscal years 2024, 2025, and 2026. In addition, it will include a cash dividend for the second half of the 2024 fiscal year, amounting to 41.5 fils (0.415 dirhams) per share. Consequently, the total annual cash dividend distribution will reach 83 fils (0.83 dirhams) per share, reflecting the group’s commitment to delivering sustainable value to shareholders.
Major Achievements and International Rankings
“E&” has made significant progress on the brand front. It was ranked as the “World’s Fastest-Growing Brand” according to the “Brand Finance Global 500” report. Furthermore, the value of its brand surged by an unprecedented eight-fold compared to the previous year, reaching 15.3 billion USD. This remarkable achievement reflects the strategic transformation the group has undergone in recent years.
Future Growth Outlook for “E&”
Hatem Dowidar, CEO of “E&” Group, stated that the group will continue to focus on enhancing digital innovation, particularly in the field of artificial intelligence, to expand its digital portfolio and strengthen its presence in new markets. He added that the group will strive to expand its global digital footprint, contributing to the flourishing of the digital economy and supporting sustainable growth.
Sources:
- Press Release from “E&” Group
- “Brand Finance Global 500” Report
- Abu Dhabi Securities Exchange website