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e& announced its consolidated financial results for fiscal year 2023 reporting a record consolidated net profit of AED10.3 billion, a growth of 3 percent year-over-year.
Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of AED0.40 per share for the second half of 2023 representing a total dividend of AED0.80 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, bringing the DPS to 89 fils by FY2026. This proposal is subject to shareholders’ approval at the Annual General Meeting.
Consolidated revenues reached AED53.8 billion, a growth of 8.3 percent year-over-year, at constant exchange rates, underpinned by the Group’s successful business transformation, expanding the business verticals and diversifying the revenue streams.
Moreover, consolidated EBITDA increased by 3.7 percent year-over-year at constant exchange rates, to AED26.1 billion, leading to an EBITDA margin of 49 percent, highlighting the strong profitability of e&’s operations.
Reporting strong growth in subscriber base, e& UAE recorded more than 14 million subscribers an increase of 3 percent compared to the previous year, and the Group’s aggregate subscribers reached 169 million, an increase of 4 percent over 2022.
Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of AED0.40 per share for the second half (July to December) of 2023 representing a total dividend of AED0.80 per share for FY 2023.
Chairman of e&, Jassem Mohamed Bu Ataba Alzaabi, said, “In 2023, e& 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 with a record net profit of AED10.3 billion, and strong top-line growth of 3 percent 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 Chief Executive Officer of e&, said, “The strong financial performance achieved by e& in 2023, with consolidated revenues reaching AED53.8 billion, a growth of 8.3 percent year-over-year, at constant exchange rates, is a strong testament to the success of our 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.”
Dowidar added, “I want to express my appreciation to our talented teams for their efforts and innovative spirit, which remain the driving force behind our success. We also extend our gratitude to our loyal customers and shareholders for their continued trust in our vision. Moving forward, I am confident that our commitment to connecting people, businesses, and communities through technology will continue to drive sustained future growth.”
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