e& shareholders approve new 3-year progressive dividend policy
H2-23 dividends of 40 fils a share approved, dividend to reach 89 fils per share by 2026
Dubai: e& shareholders approved the UAE tech-telecom holding company's recently proposed three-year progressive dividend policy, which will add 3 fils for every share held each year for 2024, 2025, and 2026, bringing the dividend per share (DPS) to Dh0.89 by 2026.
The Annual General Meeting (AGM) also backed the board’s recommendation to distribute cash dividends of Dh0.40 per share for the second half (July to December) of 2023, representing a total dividend of Dh0.80 per share for fiscal year 2023, the group said in a statement.
e& shareholders also elected four members of the e&'s 'Private Sector Board of Directors' to fill the four board seats designated for the non-government shareholder. The elected new members are:
- Sheikh Ahmed Mohamed Sultan Bin Suroor Al Dhahiri – Board member
- Abdelmonem Bin Eisa Bin Nasser Alserkal – Board Member
- Khalid Abdulwahid Hassan Alrustamani – Board Member
- Otaiba Khalaf Ahmed Khalaf Al Otaiba – Board Member
Record 2023 net profits
e& had recorded consolidated revenues of Dh53.8 billion and a record net profit of Dh10.3 billion in 2023. "The group’s rapid evolution was further reinforced by its 2024 Brand Finance ranking as MEA's Fastest Growing Technology Brand and the most valuable TMT brand portfolio valued at $17 billion in 2024," the group noted.
Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, expressed confidence that e& will continue its success journey by enhancing its performance while adding value to its shareholders. “The newly introduced progressive dividend structure exemplifies our confidence in e&'s success journey and our commitment to delivering growing returns to our shareholders,” said Alzaabi.
“By diversifying our portfolio and introducing cutting-edge products and services, we aim to continue cultivating a technology-powered ecosystem that empowers and improves the lives of our more than 170 million subscribers across our operations,” he added.
Partnerships, acquisitions focus
Hatem Dowidar, Group Chief Executive Officer of e&, highlighted the group's focus on maximising value through partnerships and acquisitions, which led to its performance and milestones in 2023.
“We will continue to leverage the momentum of 2023 to deliver our promises and achieve even greater milestones in 2024,” said Dowidar. “With a strategic focus and an eye for purpose-driven progress, 2023 has been an incredibly remarkable and rewarding year for e&, underscoring its commitment to pursuing opportunities that create long-term and meaningful impact.”
The group has taken significant steps toward realising its ambitious expansion plans by finalising key partnerships with leading global players such as Vodafone and becoming the largest shareholder in one of the strongest and most globally recognised telecom companies.
Additionally, the binding agreement to acquire the controlling stake in PPF Telecom further helped it expand into new high-growth regions, the group added. "Looking ahead, e& aims to further diversify its revenue streams beyond telco-centric operations."