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UAE's e& records $2.8bn profit for 2023; revenue hits $14.6bn

ABU DHABI, February 21, 2024

Leading UAE telecom company e& has delivered a solid performance for FY 2023 with a consolidated net profit of AED10.3 billion, up 3% over the previous year, thanks mainly to the strong growth in subscriber base which soared to hit more than 14 million.
 
Announcing its consolidated financial results for the 12-month period ended December 31, 2023, e& said its revenue reached AED53.8 billion ($14.6 billion), up 8.3% over last year, at constant exchange rates, underpinned by the Group’s successful business transformation, expanding the business verticals and diversifying the revenue streams.
 
Moreover, consolidated ebitda increased by 3.7 per cent year-over-year at constant exchange rates, to AED26.1 billion, leading to an ebitda margin of 49 per cent, highlighting the strong profitability of e&’s operations.
 
The Group’s aggregate subscribers reached 169 million, thus posting an increase of 4% over 2022.
 
At constant exchange rates, revenue increased by 8.3 per cent and ebitda increased by 3.7 per cent year-over-year.
 
Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of AED 0.40 per share for the second half of 2023 representing a total dividend of AED 0.80 per share for FY2023. 
 
In addition, the board recommended a new progressive dividend policy with an increment of 3 fils every year starting from year 2024, bringing the DPS to 89 fils by FY2026. This proposal is subject to shareholders’ approval at the Annual General Meeting. 
 
On the solid performance, Chairman Jassem Mohamed Bu Ataba Alzaabi said: "In 2023, e& grew from strength to strength. We led technology-driven innovations, navigated challenging global market conditions, and emerged stronger, further solidifying our position as a leading global technology player."
 
"Our robust financial performance with a record net profit of AED10.3 billion, and strong top-line growth of 3 per cent is a testament to our resilience and setting e& on the right path for future growth," he stated.
 
"We continue to be inspired by UAE leadership; their determination to push boundaries sets a remarkable example of what is possible when a clear vision aligns with excellence in execution. Similarly, our commitment to making e& an embodiment of innovation, progress, and growth remains unwavering," noted Alzaabi. 
 
"Our vision is grounded in the dual objectives of delivering sustainable business growth and pioneering digital transformation technologies. From cementing our diversified business pillars to introducing new, impactful products and services, we are committed to empowering our 169 million subscribers across our operations," he added.
 
Group Chief Executive Officer Hatem Dowidar said: "The strong financial performance achieved by e& in 2023, with consolidated revenues reaching AED 53.8 billion, a growth of 8.3 per cent year-over-year, at constant exchange rates, is a strong testament to the success of our business transformation strategy."
 
"e& continued to thrive as a leader in MEA, remaining one of the world’s most valuable and strongest brands and becoming the fastest-growing technology brand in the region. This highlighted our evolution into a global technology group supported by the strong performance of our brand portfolio. We will continue to push our boundaries to be at the forefront of the digital era by developing next-generation digital connectivity and cutting-edge solutions," he stated.
 
In 2023, e& capitalised on every opportunity to address the customers current and future needs, delivering next-generation solutions that enable the successful digital transformation of industries and bring ease and simplicity to people’s lives, noted Dowidar.
 
"e&'s diverse portfolio and expanding reach, driven by its core telecoms business, e& UAE, and e& international and the specialised business pillars of e& life, e& enterprise, and e& capital, underscore its commitment to innovation and sustainability. e&'s dedication to next-generation technologies, including AI-driven innovation, cloud services, cybersecurity, and IoT, positions it at the forefront of the digital era," he added.-TradeArabia News Service



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