UAE’s e& reports Dhs10.8bn in net profit in 2024
e& UAE continued its strong growth, surpassing 15 million subscribers, an increase of 5.4 per cent compared to the previous year
Telco and tech giant e& has delivered a record financial performance in 2024, reporting a consolidated net profit of Dhs10.8bn, marking a 4.3 per cent increase year-over-year (YoY).
This milestone reflects three years of strategic transformation, reinforcing the group’s position as a global leader in technology, the company said in a statement.
Consolidated revenues reached Dhs59.2bn, reflecting a 10.1 per cent growth YoY, and a 12.6 per cent increase in constant exchange rates, driven by growth across all business verticals.
The group’s consolidated EBITDA rose 2.7 per cent YoY at constant exchange rates, reaching Dhs26.5bn.
e& UAE continued its strong growth, surpassing 15 million subscribers, an increase of 5.4 per cent compared to the previous year.
The group’s total subscriber base grew to 189.3 million, marking an 11.7 per cent increase compared to 2023.
The company also reported a notable commitment to its shareholders, delivering on its three-year progressive dividend policy. The policy calls for an incremental increase of 3 fils (Dhs 0.03) each year for the fiscal years 2024, 2025, and 2026.
For FY 2024, the board has proposed a cash dividend of 41.5 fils (Dhs 0.415) per share for the second half of the year (July to December), bringing the total annual dividend to 83 fils (Dhs 0.83) per share.
Jassem Mohamed Bu Ataba Alzaabi, chairman of e&, said: “2024 was a year of growth, driven by bold vision, AI-driven innovation, and relentless commitment to digital empowerment. Emerging as the ‘World’s Fastest Growing Brand’ and establishing our first operational footprint in Europe were defining moments in e&’s journey.
“With a net profit of Dhs10.8 bn and subscribers growing to 189.3 million, our performance reflects our strategic foresight and unwavering focus on value creation. Beyond financial success, real growth is measured in impact. Guided by the UAE’s visionary leadership, we continue to drive economic progress, empower businesses, and transform lives across three continents.”
Commitment to technology-driven progress
Alzaabi further emphasised the group’s ongoing commitment to technology-driven progress, highlighting investments in AI ecosystems, intelligent platforms, and workforce upskilling, especially in Emiratisation. “At the heart of our success is our talent — the driving force of our innovation.
Our leadership in Emiratisation and commitment to workforce upskilling is not just a business responsibility but a strategic advantage. By equipping the next generation with AI and digital expertise, we are building the UAE’s digital future,” he said.
Hatem Dowidar, group CEO of e&, added: “In 2024, we accelerated our transformative journey as a Global Technology Group—scaling AI, expanding into Europe, and driving impact across three continents. Our consolidated revenues surpassed Dhs 59.2 bn, growing by 10.1 per cent YoY, while consolidated EBITDA rose 2.7 per cent in constant currency to Dhs 26.5 bn. Our financial performance reflects the trust we’ve built, the bold investments we’ve made, and the transformative added value we continue to create.”
e&’s expansion across markets
Dowidar further highlighted e&’s expansion into Central and Eastern Europe with the majority acquisition of PPF Telecom’s assets, adding over 10 million new subscribers across Bulgaria, Hungary, Serbia, and Slovakia.
This move strengthens e&’s global presence and unlocks scalable digital solutions. The acquisition of GlassHouse has also enhanced e&’s capabilities in cloud, data, and SAP services across Türkiye, South Africa, and Qatar.
“These strategic moves are at the core of our long-term aspirations—to build a robust, future-ready digital ecosystem that enables businesses to scale, governments to innovate, and communities to thrive,” Dowidar said. “We will continue to push the boundaries of AI, scale intelligent platforms, and ensure technology is a force for good, creating lasting positive impact for societies worldwide.”
As e& enters 2025, the company is poised for continued growth, with plans to expand its digital footprint, pioneer AI-driven innovations, and deliver impactful solutions.
The group is also committed to its vision of digital empowerment and driving the next phase of digital transformation.
