e& has announced impressive results for 2024, reporting a consolidated net profit of Dhs 10.8 billion, marking a 4.3% year-on-year (YoY) increase. This success follows three years of strategic transformation, establishing e& as a leading global technology group.
Financial Performance Highlights:
- Consolidated revenues reached Dhs 59.2 billion, a 10.1% increase YoY.
- EBITDA rose by 2.7% to Dhs 26.5 billion.
- e& UAE’s subscriber base surpassed 15 million, growing by 5.4%.
- The group’s total subscriber base grew to 189.3 million, up 11.7%.
Dividend and Future Growth: e& confirmed a progressive dividend policy with a 3 fils increase annually for 2024-2026, boosting the dividend per share (DPS) to 89 fils by FY 2026. For FY 2024, the second-half dividend is set at 41.5 fils per share, totaling 83 fils for the year.
Strategic Moves and Expansions: e& made notable expansions in 2024, including acquiring a majority stake in PPF Telecom Group, extending its footprint to 38 countries in Central and Eastern Europe and adding over 10 million new subscribers. The group also acquired GlassHouse, enhancing its cloud and data capabilities in key markets.
AI and Digital Leadership: e& accelerated its digital transformation by integrating AI-driven innovations. It co-developed a telco-specific Large Language Model and partnered with Nokia Bell Labs to promote responsible AI solutions. e& also signed a US$ 1 billion agreement with Amazon Web Services (AWS) to strengthen its cloud services.
Sustainability and Impact: The group committed to achieving net-zero emissions with its “Ambition to Action” plan and collaborated with the UNDP to advance digital inclusion and support MSMEs across the Arab world. e& also deployed 100 electric vehicles, contributing to the UAE’s net-zero carbon goals.
Vision for the Future: Looking ahead, e& aims to continue its growth by driving AI innovation, expanding its digital footprint, and creating sustainable value across global markets. The group’s achievements reflect its commitment to technology as a force for progress, enabling a smarter, more connected future.
Key Operational Highlights:
- Expansion into Central and Eastern Europe, adding 10 million new customers.
- Recognition as the “World’s Fastest Growing Brand” by Brand Finance.
- Continued focus on AI, cloud services, and digital transformation.
- Strengthened partnerships with global players like AWS and Vodafone.
e& UAE achieved key milestones in 2024, setting the global standard for 5G with a record download speed of 749.63 Mbps. The company also played a key role in the country’s broadband expansion, hitting 99.3% FTTH penetration. e& UAE continued its focus on innovation, launching multiple industry-firsts, including the world’s fastest data transfer speed of 30.5 Gbps on a live 5G network.
Strategic partnerships were central to e& UAE’s progress. Collaborations with ADNOC and EMSTEEL advanced 5G connectivity in the energy and manufacturing sectors. The company also ventured into satellite communications, becoming the first operator to provide direct satellite coverage to smartphones.
On the AI front, e& UAE launched cutting-edge solutions, including AI-powered autonomous stores and smart home technologies. The company also invested in digital inclusion, unveiling an autism-friendly browsing experience and the GoLearning platform for upskilling the community.
e& international made significant strides in 2024, marked by its acquisition of a controlling stake in PPF Telecom Group, expanding its presence in Central and Eastern Europe. This acquisition added over 10 million new subscribers and reinforced e&’s commitment to scaling its digital and AI-driven solutions globally.
In fintech, e& money became the UAE’s #1 fintech app, driving 2.5X growth in monthly active users. Careem Technologies saw rapid growth, while STARZ ON expanded its reach, securing exclusive content partnerships. AI-powered innovations also reshaped e& life’s offerings, enhancing user experiences in entertainment, lifestyle, and digital payments.
e& enterprise continued to lead in digital transformation, with key partnerships in healthcare, finance, and utilities. Notable collaborations included AI-powered healthcare solutions with Daman and Burjeel Holdings, as well as smart city developments with Modon Holding in Egypt.
e& capital continued to invest in forward-thinking companies like Traydstream and Derq, furthering its commitment to driving innovation in AI and machine learning across key industries.
With a strong focus on digital transformation, innovation, and sustainable growth, e& is well-positioned to lead the global tech space in 2025.
tanvir@dubainewsweek.com
