e& 2023 net profit is US$2.8bn

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e& UAE recorded over 14 million subscribers in 2023, an increase of 3 percent compared to the previous year.
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  • Consolidated revenues reached US$14.6 billion which is a growth of 8.3 percent year-over-year.
  • Consolidated EBITDA rose by 3.7 percent year-over-year at constant exchange rates, to US$7.1 billion.

ABU DHABI, UAE – e& announced its consolidated financial results for fiscal year 2023 reporting a record consolidated net profit of US$2.8 billion (AED10.3 billion), a growth of 3 percent year-over-year.

Underlining the group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of US$0.1 (AED0.40) per share for the second half of 2023 representing a total dividend of US$0.2 (AED0.80) per share for FY2023.

In addition, the board recommended a new progressive dividend policy with an increment of 3 fils every year starting from year 2024, bringing the DPS to 89 fils by FY2026.

This proposal is subject to shareholders’ approval at the Annual General Meeting.

Consolidated revenues reached US$14.6 billion (AED53.8 billion), a growth of 8.3 percent year-over-year, at constant exchange rates, underpinned by the group’s successful business transformation, expanding the business verticals and diversifying the revenue streams.

Moreover, consolidated EBITDA increased by 3.7 percent year-over-year at constant exchange rates, to US$7.1 billion (AED26.1 billion), leading to an EBITDA margin of 49 percent, 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 percent compared to the previous year, and the Group’s aggregate subscribers reached 169 million, an increase of 4 percent 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.”

He said, “Our robust financial performance with a record net profit of US$2.8 billion (AED10.3 billion), and strong top-line growth of 3 percent is a testament to our resilience and setting e& on the right path for future growth.”

He said, “From cementing our diversified business pillars to introducing new, impactful products and services, we are committed to empowering our 169 million subscribers across our operations.”

Hatem Dowidar, Group Chief Executive Officer of e&, said, “The strong financial performance achieved by e& in 2023, with consolidated revenues reaching US$14.6 billion (AED53.8 billion), a growth of 8.3 percent year-over-year, at constant exchange rates, is a strong testament to the success of our business transformation strategy.”

He said, “e& continued to thrive as a leader in MEA, remaining one of the world’s most valuable and strongest brands and becoming the fastest-growing technology brand in the region.”

He added, “Moving forward, I am confident that our commitment to connecting people, businesses, and communities through technology will continue to drive sustained future growth.”

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