e& has disclosed its consolidated financial outcomes for the fiscal year 2023, unveiling a noteworthy consolidated net profit of AED 10.3 billion, reflecting a 3% year-over-year growth.
Demonstrating the Group’s dedication to shareholder value, e&’s Board of Directors proposes a dividend of AED 0.40 per share for the latter half of 2023, totaling AED 0.80 per share for the fiscal year 2023. Additionally, the board recommends a progressive dividend policy, suggesting an annual increment of 3 fils starting from 2024, with the dividend per share (DPS) projected to reach 89 fils by FY2026, subject to shareholder approval at the Annual General Meeting.
Financial Highlights for FY 2023:
- Revenue soared to AED 53.8 billion, marking an 8.3% increase year-over-year at constant exchange rates, propelled by the Group’s successful business transformation and diversification of revenue streams.
- Consolidated EBITDA rose by 3.7% year-over-year to AED 26.1 billion at constant exchange rates, yielding an EBITDA margin of 49%, underscoring the robust profitability of e&’s operations.
- The Group reported a substantial growth in its subscriber base, with e& UAE recording over 14 million subscribers, a 3% increase from the previous year, and the aggregate subscribers reaching 169 million, up by 4% from 2022.
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.
We continue to be inspired by UAE leadership; their determination to push boundaries sets a remarkable example of what is possible when a clear vision aligns with excellence in execution. Similarly, our commitment to making e& an embodiment of innovation, progress, and growth remains unwavering. Our vision is grounded in the dual objectives of delivering sustainable business growth and pioneering digital transformation technologies. 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.
H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman, e&
The strong financial performance achieved by e& in 2023, with consolidated revenues reaching AED 53.8 billion, a growth of 8.3 per cent year-over-year, at constant exchange rates, is a strong testament to the success of our business transformation strategy.
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. This highlighted our evolution into a global technology group supported by the strong performance of our brand portfolio. We will continue to push our boundaries to be at the forefront of the digital era by developing next-generation digital connectivity and cutting-edge solutions.
I want to express my appreciation to our talented teams for their efforts and innovative spirit, which remain the driving force behind our success. We also extend our gratitude to our loyal customers and shareholders for their continued trust in our vision. Moving forward, I am confident that our commitment to connecting people, businesses, and communities through technology will continue to drive sustained future growth.
Hatem Dowidar, Group Chief Executive Officer, e&
