UAE's e& raises 2024 dividend after Dh10.8 billion net profit

Dubai: e& shareholders will be getting 83 fils to a share as 2024 dividend, after the UAE tech-telco holding company confirmed it will be paying 41.5 fils a share for H2-2024. The Abu Dhabi headquartered company had paid 80 fils a share for 2023.

The payout add more spark to an impressive set of results, which saw e&’s net profit at Dh10.8 billion, higher by 4.3%. (The net profit is after accounting for royalty and corporate tax.)

“With a net profit of Dh10.8 billion and subscribers growing to 189.3 million, our performance reflects our unwavering focus on value creation,” said Jassem Mohamed Alzaabi, Chairman of e&. (There were just over 9 million subscribers added during the year.)

The higher shareholder payout is in line with the 'new progressive dividend policy recommended by the Board for the years 2024, 2025 and 2026'. (This would see e& raise dividend by Dh0.03 a share in each of these years.)

While e& uae continues to be the center of its growth, the company continues to expand its operations into newer markets. Plus, the investments into its networks continues to be topped up.

In all, e&'s capex for 2024 increased 24.5% to Dh9.1 billion (excluding the costs associated for the e& PPF deal in Europe). Apart from network upgrades and frequencies, there were also costs related to 'licenses across our local and international markets to accommodate the growing demand of services and support business growth'.

Overall revenues last year were Dh59.2 billion, up 10.1%. The UAE subscriber numbers went past the 15 million mark.

"A landmark achievement was 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," said Hatem Dowidar, Group CEO.

"This move strengthens our global presence."

There was also the deal for GlassHouse, which expanded e&'s cloud, data, and SAP capabilities across Turkey, 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," said Dowidar.

Revenues for e& international came up with Dh21.7 billion for full-year 2024, which included Dh6.7 billion during the October to December phase. e& uae's contribution for the year was just over Dh33 billion.

"As we closed 2024, we set out to ‘Go for More’- expanding our digital footprint, pioneering AI-driven innovations, and delivering impactful solutions," said Dowidar. "With a brand portfolio and investments exceeding $20 billion, e& is the 'World’s Fastest Growing Brand' - a recognition of our relentless pursuit of innovation and progress."