e& reports record profit for 2023

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e& has announced its consolidated financial results for fiscal year 2023 reporting a record consolidated net profit of AED 10.3 billion, a growth of 3 per cent year-over-year.

Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposed a dividend of AED 0.40 per share for the second half of 2023 representing a total dividend of AED 0.80 per share.

In addition, the board recommended a new progressive dividend policy with an increment of 3 fils every year starting from 2024, bringing the dividend-per-share to 89 fils by 2026, subject to shareholders’ approval.

Consolidated revenues reached AED 53.8 billion, a growth of 8.3 per cent year-over-year, underpinned by the Group’s successful business transformation, expanding business verticals and diversifying revenue streams.

Moreover, consolidated EBITDA increased by 3.7 per cent year-over-year, to AED 26.1 billion, leading to an EBITDA margin of 49 per cent, 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 per cent compared to the previous year, and the Group’s aggregate subscribers reached 169 million, an increase of 4 per cent over 2022.

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 AED 10.3 billion, and strong top-line growth of 3 per cent is a testament to our resilience and setting e& on the right path for future growth.”

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