e&’s Hatem Dowidar decodes H1 2024 results

e& has announced its financial results for the first half of 2024, showcasing a consolidated revenue of Dhs28.3bn, marking a 6 per cent year-over-year (YoY) increase.

The group’s net profit surged by 17 per cent to Dhs5.5bn, while the consolidated EBITDA rose to Dhs12.9bn, yielding an EBITDA margin of 46 per cent. This impressive performance is attributed to the company’s strategic focus on growth in both local and international markets, as outlined in their release statement.

The telecom giant also reported a steady increase in its subscriber base, reaching a total of 175 million, reflecting a 6 per cent YoY growth. In the UAE alone, e&’s subscribers grew to 15 million, representing a 5 per cent YoY increase.

The H1 2024 #FinancialResults are out.
We’re maintaining our growth momentum & commitment to innovation, demonstrating strong performance across all business verticals!
Our subscriber base has significantly increased YoY, underscoring our success in both local & int’l markets. pic.twitter.com/fgsp2IALjV

— e& (@etisalatAnd) July 31, 2024

Writing about the group’s financial results on social media platform LinkedIn, e&’s group CEO Hatem Dowidar, noted, “Our H1 financial results highlight that we continue to perform well in our core markets and the rapid progress of the digital businesses, has together resulted in a strong consolidated net revenue growth of 6 per cent YoY to Dhs28.3bn and a record consolidated net profit of Dhs5.5bn.”

He added, “We’ve also grown our global footprint and capabilities with strategic acquisitions and partnerships, strengthening our position as a global technology group. At present, e& reaches 175 million telco subscribers in 16 markets. Our footprint including our digital customers now covers 32 markets.”

Dowidar said, “e& remains resilient and adaptable, driven by a purpose to empower people, businesses, and communities through technology to create a lasting positive impact.”

He credited his team and the UAE’s leadership for the positive results saying, “These results stem from the passion and expertise of our team. The environment we’ve created is a model for innovation, collaboration, and excellence, where people can grow to their full potential.”

“Our new values; united as one, daring to be bold, and being customer-obsessed, have also led to our recognition as a top telecom employer brand.”

“Driving digital progress has been possible with the continued trust and support of our customers, shareholders, and the visionary leadership of the UAE,” he added.

e& financial review

1. Revenue, profit and earnings per share e&’s financial performance for the six months period ended June 30:

i) Consolidated revenue amounted to Dhs28.3bn, representing an increase of Dhs1.6bn(6.3 per cent) compared to the corresponding period in 2023.

ii) Profit amounted to Dhs5,5bn, an increase of Dhs785m( representing a 17 per cent jump) compared to the YoY.

iii) Earnings per share increased by Dhs0.09 when compared to the corresponding period in the prior year.

2. Net assets

As compared to December 31, 2023, e&’s net assets decreased by Dhs607m to Dhs50,467m as of June 30.

3. Capital expenditure

e& incurred capital expenditures of Dhs3.4bn in the six month period ended June 30, 2024.

4. Dividends as of April 23, 2024:

A final dividend for the year 2023 at the rate of AED 0.40 per share was approved for distribution to the shareholders registered at the close of business on May 3, 2024.

On July 31, the Board of Directors declared the first interim dividend for the year 2024 at the rate of Dhs0.415 per share.

Read: e& enterprise’s Salvador Anglada on AI, sustainability and digitalisation