UAE’s e& approves cash dividends for H2 2022 at Dhs0.4 per share

Telecom giant e& announced its shareholders had approved the Board of Directors’ recommendation to distribute cash dividends for H2 2022, at a value of Dhs0.4 per share during the group’s annual general meeting (AGM).

The total annual dividend per share stands at Dhs0.8.

During the AGM, the board commended the group for its strong performance in 2022.

Jassem Mohamed Bu Ataba Al Zaabi, chairman of e&, said, “As we enter the next chapter of our journey, we are confident that we will continue to witness even greater success as we continue to create an environment with limitless possibilities built on solid foundations, smart connectivity, and fruitful collaborative opportunities.”

Robust 2022 performance witnessed by e&

Al Zaabi highlighted how over the past 12 months, the group’s core businesses have sustained solid performance while new business verticals and M&A activities have significantly contributed to their success.

Read: UAE’s e& posts 7.4% rise in consolidated net profit for 2022

He said, “The exceptional financial results achieved, with consolidated revenues of Dhs52.4bn and a record net profit of Dhs10bn in 2022, is a strong testament to the success of our business transformation strategy.

“The group’s transformation aims at positioning e& at the forefront of the rapidly changing technology landscape. It symbolises our desire to stay ahead of the ever-changing market, provide innovative solutions to our customers, and show our determination to adapt and thrive.”

e&’s AGM approves cash dividends at AED 0.4 per share for H2 2022, and AED 0.8 per share for FY2022 #WamNews https://t.co/hXHwb4seKQ pic.twitter.com/iKDaBSMXvu

— WAM English (@WAMNEWS_ENG) April 11, 2023

Hatem Dowidar, group chief executive officer of e&, shared how the group’s focus on maximising value creation across its operations and making prudent investments through M&A drove strong performance, significant milestones, and achievements in 2022.

He said, “e& reported consolidated revenues of Dhs52.4bn, a growth of 4.7 per cent year-over-year at constant exchange rates, underpinned by the group’s successful business transformation, expanding to new business verticals and diversifying the revenue streams.

“Consolidated EBITDA increased by 3.7 per cent year-over-year at constant exchange rates, to Dhs26.2bn, leading to an EBITDA margin of 50 per cent, highlighting the strong profitability of e&’s operations.”

Read: Power Letters 2023: Hatem Dowidar, group CEO, e&

More recently, the group signed a binding agreement with Uber Technologies to acquire a 50.03 per cent stake in Careem Super App, in a deal valued at $400m.

Read: UAE telecoms giant e& Group acquires $400m stake in Careem Super App

With the #acquisition of the majority stake in @Careem Super App, we take a significant leap towards expanding our #digital offerings to customers, bringing with it an impressive range of services that aim to simplify everyday life and empower society at large.
#CareemSuperApp pic.twitter.com/6x8OKpcrNX

— e& (@etisalatAnd) April 11, 2023

Careem plans to use the proceeds from the new investment to accelerate its ambitious vision to create the first ‘everything app’ serving customers across the Middle East region. This will include expanding its core food, grocery and fintech services and the Careem Plus subscription programme across the region while adding more partner services to its super app.