e&'s footprint expanded to 38 countries with a subscriber base of 189.3m across the Middle East, Asia, Africa, and Central and Eastern Europe.
e& has achieved record financial results in 2024, reporting a consolidated net profit of AED 10.8bn ($2.94bn), marking a 4.3% year-over-year (YoY) increase. This milestone reflects three years of strategic transformation.
Consolidated revenues climbed to AED 59.2bn ($16.12bn), reflecting a 10.1% increase (12.6% at constant exchange rates), with all business verticals contributing to growth. Meanwhile, consolidated EBITDA rose by 2.7% YoY at constant exchange rates, reaching AED 26.5bn ($7.22bn).
e& UAE continued its strong expansion, surpassing 15m subscribers, a 5.4% increase from the previous year. The Groups total subscriber base grew to 189.3m, an 11.7% rise compared to 2023.
With robust growth across all sectors, e& remains committed to innovation, digitalisation and sustainable value creation for its shareholders. Reinforcing this commitment, the group executed the first year of its progressive three-year dividend policy, incrementally increasing dividends by 3 fils annually for 2024, 2025, and 2026. By FY 2026, the dividend per share (DPS) is projected to reach 89 fils (AED 0.89), showcasing confidence in continued financial strength.
For FY 2024, the board has proposed a cash dividend of 41.5 fils (AED 0.415) per share for the second half of the year, bringing the total annual dividend to 83 fils (AED 0.83) per share, reinforcing e&s dedication to delivering sustained value to shareholders.
H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman, e&, said: “2024 was a year of growth, driven by bold vision, AI-driven innovation, and relentless commitment to digital empowerment. Emerging as the “World’s Fastest Growing Brand” and establishing our first operational footprint in Europe were defining moments in e&’s journey. With a net profit of AED 10.8 billion and subscribers growing to 189.3m, our performance reflects our strategic foresight and unwavering focus on value creation.
“Beyond financial success, real growth is measured in impact. Guided by the UAE’s visionary leadership, we continue to drive economic progress, empower businesses, and transform lives across three continents. Our investments in AI ecosystems, intelligent platforms, and industry-defining solutions reinforce our role as a catalyst for change.
“At the heart of our success is our talentthe driving force of our innovation. Our leadership in Emiratisation and commitment to workforce upskilling is not just a business responsibility but a strategic advantage. By equipping the next generation with AI and digital expertise, we are building the UAE’s digital future and cultivating leaders who will drive global transformation.
As we move forward, we will continue to leverage technology as a force for progress where AI enhances lives, networks fuel digital economies, and every connection we build opens doors to something greater.”
Hatem Dowidar, Group Chief Executive Officer, e&, added: “In 2024, we accelerated our transformative journey as a Global Technology Groupscaling AI, expanding into Europe, and driving impact across three continents. Our consolidated revenues surpassed AED 59.2bn, growing by 10.1% year-over-year, while consolidated EBITDA rose 2.7% in constant currency to AED 26.5bn. Our financial performance reflects the trust we’ve built, the bold investments we’ve made, and the transformative added value we continue to create.
“A landmark achievement was e&’s expansion into Central and Eastern Europe with the majority acquisition of PPF Telecom’s assets, adding over 10m new subscribers across Bulgaria, Hungary, Serbia, and Slovakia. This move strengthens our global presence, unlocks scalable digital solutions, and fosters digital inclusion. Additionally, our acquisition of GlassHouse expanded our cloud, data, and SAP capabilities across Türkiye, South Africa, and Qatar, strengthening our leadership in enterprise digital transformation. These strategic moves are at the core of our long-term aspirationsto build a robust, future-ready digital ecosystem that enables businesses to scale, governments to innovate, and communities to thrive.
“As we closed 2024, we set out to ‘Go for More’- expanding our digital footprint, pioneering AI-driven innovations, and delivering impactful solutions. With a brand portfolio and investments exceeding $ 20bn, e& is the World’s Fastest Growing Brand, a recognition of our relentless pursuit of innovation and progress.
“Looking ahead, we are poised for even greater growth and transformation. Our ambition is unstoppable: to lead the digital transformation that creates a lasting positive impact, foster collaboration, and empower societies. We will continue to push the boundaries of AI, scaling intelligent platforms, and ensuring that technology is a force for good, and that every innovation we deliver is a catalyst for progress.”
