e& Reports Record Net Profit and Revenue Growth for 2023

Net Profit

Technology major e& announced its highest-ever consolidated net profit of Dh10.3 billion for the fiscal year 2023, reflecting a 3.0 percent year-on-year increase. The company's consolidated revenues also saw significant growth, rising by 8.3 percent to Dh53.8 billion compared to the previous year. This remarkable financial performance was attributed to e&'s successful business transformation, expansion of business verticals, and diversification of revenue streams.

According to e&'s statement, the group's consolidated EBITDA increased by 3.7 percent year-over-year to Dh26.1 billion, resulting in a robust margin of 49 percent, indicating the strong profitability of e&'s operations. The company recorded a notable increase in subscribers, with over 14 million new subscribers, marking a 3.0 percent growth compared to the previous year. The group's aggregate subscribers reached 169 million, representing a 4.0 percent increase over 2022.

In line with its financial performance, e&'s board proposed a dividend of Dh0.40 per share for the second half of 2023, totaling Dh0.80 per share for the fiscal year 2023. Additionally, the board recommended a new progressive dividend policy, with a yearly increment of 3 fils starting from 2024.

Chairman Jassem Mohamed Bu Ataba Alzaabi expressed pride in e&'s growth and resilience, highlighting the company's leadership in technology-driven innovations and its ability to navigate challenging global market conditions. He emphasized e&'s commitment to sustainable growth and pioneering digital transformation technologies, aiming to empower its vast subscriber base across operations.

Group CEO Hatem Dowidar attributed e&'s strong financial performance to its successful business transformation strategy. He noted the company's evolution into a global technology group and its status as one of the world's most valuable and strongest brands in the MEA region. Dowidar reiterated e&'s commitment to advancing digital connectivity and delivering cutting-edge solutions, ensuring sustained future growth.

e&'s subsidiary, PTCL, made strategic acquisitions, including a 100 percent stake in Telenor Pakistan and PPF Telecom assets in Europe. The company also expanded its portfolio by becoming the largest shareholder in Vodafone and acquiring a majority stake in Careem's Super App. e& was recognized as the Most Valuable Brand Portfolio in the MEA region, valued at over $17 billion, according to the 2024 Brand Finance Global 500 Report.

In alignment with its sustainability goals, e& pledged to achieve net zero Scope 1 and 2 carbon emissions across its operations by 2040. The company launched Project Life, a sustainable procurement program, aiming to reduce Scope 3 emissions by 25 percent by 2030. e& also initiated green initiatives, including the Innovation Hub for Power Solutions and eco-friendly Green SIM Cards.

At GITEX Global 2023, e& showcased its technological prowess with a new 5G milestone, introducing the world's first AI-empowered autonomous telecom store 'Ease,' and launching the Electric Vehicle (EV) charging service 'Charge&Go.'

Overall, e&'s exceptional financial performance, strategic acquisitions, and commitment to sustainability underscore its position as a global technology leader poised for continued growth and innovation.