e& net profit for 2023 surges 3% to Dh10.3 billion

Technology major e& reported on Wednesday a record consolidated net profit of Dh10.3 billion, a growth of 3.0 per cent year-on-year.

The group’s consolidated revenues jumped 8.3 per cent Y-o-Y to Dh53.8 billion, underpinned by its “successful business transformation, expanding the business verticals and diversifying the revenue streams,” e& statement said.

The group’s consolidated EBITDA increased by 3.7 per cent year-over-year to Dh26.1 billion, leading to a margin of 49 per cent, highlighting the strong profitability of e&’s operations.

e& recorded more than 14 million subscribers, an increase of 3.0 per cent compared to the previous year, and the group’s aggregate subscribers reached 169 million, an increase of 4.0 per cent over 2022.

The group’s board proposed a dividend of Dh0.40 per share for the second half of 2023 representing a total dividend of Dh0.80 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.

Chairman of e& Jassem Mohamed Bu Ataba Alzaabi, said the group 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 is a testament to our resilience and setting e& on the right path for future growth.”

“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. 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,” Alzaabi added.

Hatem Dowidar, group CEO, said the strong financial performance achieved by e& in 2023 is a strong testament to the success of its 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,” said Dowidar.

“Moving forward, I am confident that our commitment to connecting people, businesses, and communities through technology will continue to drive sustained future growth,” the CEO added in the statement.

e & subsidiary, PTCL, acquired a 100 per cent stake in Telenor Pakistan, creating innovation and market expansion synergies. e& also signed a binding agreement to acquire PPF Telecom assets in Europe. In addition to becoming the largest shareholder in Vodafone, e&’s strategic agreements included acquiring a majority stake in Careem's Super App and completing the ServiceMarket acquisition. e& is also the Most Valuable Brand Portfolio in the MEA region, worth over $17 billion, according to the 2024 Brand Finance Global 500 Report released earlier this year.

The statement said in line with its sustainability goals, e& committed to net zero Scope 1 and 2 carbon emissions across its operations by 2040. e& launched Project Life, its sustainable procurements programme, with the goal of reducing Scope 3 emissions by 25 per cent by 2030. In addition, e&’s green initiatives include the Innovation Hub for Power Solutions and eco-friendly Green SIM Cards.

At GITEX Global 2023, e& achieved a new 5G milestone with a download speed exceeding 13Gbps, and introduced the world’s first AI-empowered autonomous telecom store 'Ease,' and launched the Electric Vehicle (EV) charging service 'Charge&Go.'

On the global front, e& joined forces with SK Telecom, Deutsche Telekom, and Singtel to launch a global alliance in AI for telecoms. This alliance will pave the way for innovations and co-development of the Telco AI platform. A partnership with Indosat promises to improve voice communication between Indonesia and the UAE by providing high-quality IDD services.issacjohn@khaleejtimes.com

• UAE
• UAE