e& profit up 17% as digital investments drive subscriber surge in H1
Revenue at tech-telco jumps 6% to Dh28.3b amid growth across its businesses
Dubai: Global technology group e& posted a 17 per cent rise in net profit for the first six months of 2024, while revenue increased 6 per cent, boosted by higher subscriber numbers and strong performance across all its businesses.
While its half-year revenue hit Dh28.3 billion, and net profit rose to Dh5.5 billion, the tech-telecom group also reported consolidated EBITDA (core earnings) of Dh12.9 billion, resulting in a "healthy" EBITDA margin of 46 per cent.
The group’s growing subscriber base was evidenced by total subscribers reaching 175 million in a significant increase of 6 per cent from last year, while the total number of e& UAE subscribers reached 15 million, representing a year-on-year growth of 5 per cent.
e& also approved an interim dividend of 41.5 fils per share for the first half (January to June) of 2024, the company said, in accordance with the new dividend policy that was greenlit by the shareholders at the Annual General Meeting (AGM) earlier this year.
The newly approved dividends policy stipulates an incremental increase of Dh0.03 per share every year for the fiscal years 2024, 2025, and 2026, it added.
Future prospects
Jassem Mohamed Bu Ataba Alzaabi, Chairman, e&, said: “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”.
Reflecting on e&'s growth trajectory and future prospects despite challenges in some of its markets, Alzaabi commented, "Our ongoing investments in digital infrastructure and emerging technologies position us as a driving force for innovation and growth, making us the preferred partner in advancing the digital economy."
Hatem Dowidar, Group Chief Executive Officer, e&, said: “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,” added Dowidar.