e&, UAE’s communications and tech giant, reported consolidated revenues of AED28.3 billion ($7.71 billion) and net profit of AED5.5 billion ($1.5 billion) in its consolidated financial results for the first half of 2024 with all business verticals showing healthy growth.
With the number of group subscribers growing 6 percent (175 million versus 165 million in H1 2023), revenue was up 6 percent as well from the corresponding period last year. Net profit grew by 17 percent.
The total number of e& UAE subscribers reached 15 million, a growth of 5 percent.
Consolidated EBITDA reached AED12.9 billion ($3.51 billion), resulting in a healthy EBITDA margin of 46 percent. Earnings per share climbed to AED0.63 from AED0.54 last year, a jump of 17 percent.
The e& board approved an interim dividend of 41.5 fils per share for the first half (January to June) of 2024, per the new dividends policy that stipulates an incremental increase of AED0.03 per share every fiscal year until 2026.
Chairman Jassem Mohamed Bu Ataba Alzaabi commented: “e& showcased remarkable resilience and sustained its upward trajectory in the first half of 2024. This robust performance was driven by our unwavering commitment to excellence and innovation.
“We are proud of the progress made in the first half of 2024, which was bolstered by our recent acquisitions, partnerships, and strategic expansion of our digital services portfolio. These efforts significantly strengthen e&’s position as a leader in digital transformation.”
Group Chief Executive Officer Hatem Dowidar added: “Our success is driven by our relentless pursuit of technological innovation, delivering tangible value to our customers and shareholders. We have embraced advanced and emerging technologies, launching numerous AI-driven initiatives and platforms, underscoring our leadership in digital transformation. Strategic partnerships have enhanced our service portfolio, while we continue to expand our global presence through successful acquisitions.
“Looking ahead, I am confident that our dedication to empowering individuals, businesses, and communities through technology will pave the way for growth and create a meaningful impact in people’s lives. Despite the challenges in some markets, we will focus on seizing the opportunities ahead.”
Crowned by the 2024 Brand Finance Global 500 Report as the ‘Fastest Growing Tech Brand’ and the ‘Most Valuable Brand Portfolio’ in the Middle East and Africa (MEA), and the world’s Strongest Telecom Brand in the World for 2024 with a score of 89.4 out of 100 on the BSI Index, e& was also named a Great Place to Work by the Great Place to Work Institute.
During the first half of 2024, e& said it was joining forces with Abu Dhabi National Oil Company (ADNOC) to build the world’s largest private 5G network for the energy sector. This will enable blazing-fast data transfer and connectivity across ADNOC’s 11,000-square-kilometre operation.
Among other initiatives in the region, e& is also collaborating with Ooredoo to introduce the Gulf Gateway Cable (GGC-1), connecting data centres in Abu Dhabi and Doha. e& joined forces with Telecom Egypt, Indonesia’s Telin, and a major unnamed Indian telecom company to develop the ICE IV subsea cable project, which aims to connect Southeast Asia and India to the Middle East.
e& UAE broke speed records by achieving the world’s fastest data transfer rate of 30.5 Gbps on its live 5G network. The company announced a network upgrade capability that will deliver speeds of up to 50 Gbps through the successful completion of the Middle East’s first symmetric 50-Gigabit-capable Passive Optical Networks (50G-PON) broadband service.
evision, the media and entertainment streaming arm of e& life, continued to enhance and develop its content library and recorded significant growth in H1 2024. It crossed 5.5 million subscribers.
e& enterprise marked a significant step towards regional digital transformation leadership by acquiring GlassHouse, a leading Turkish provider of managed cloud, business continuity, and SAP infrastructure services.
In the first half of 2024, e& enterprise signed two collaboration agreements with Burjeel Holdings, including the launch of a pioneering telemedicine services project and an MoU to transform delivery models and redefine healthcare in the UAE and beyond.
e& international saw several initiatives launched in the first half of the year, including signing and international Partner Market Programme with Uzbekistan’s Perfectum and the launch of a new combined UPTCL app that covers PTCL, Ufone, and Flash Fibre in one app in Pakistan. e& Egypt launched e& Neo, with Mashreq Bank, which is the first digital banking services in Egypt.
e& capital, the investment arm of e&, invested nearly $150 million in tech-related startups in the MENA region and the world.
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