Corporation Announces 2024 Financial Results, Approving an 83 Dinar Dividend for Fiscal Year 2024
In a year marked by innovation and expansion, e& (formerly Etisalat Group) has solidified its position as a global leader in the technology and telecommunications sector. The company's robust performance in 2024 underscores its strategic initiatives aimed at long-term success and market opportunities across its global footprint.
Chairman Jassem Mohamed Bu Ataba Alzaabi emphasised e&'s global ambition, stating that the company is committed to achieving even greater accomplishments. This ambition was reflected in the company's record revenues of AED59.2 billion for 2024, a 10.1% increase, and a net profit of AED10.8 billion, a 4.3% rise. The Board proposed a cash dividend of 83 fils (AED0.83) per share for FY 2024, which was approved.
e&'s transformation journey continues to progress, with operations now spanning 38 countries across the Middle East, Africa, Asia, and Central and Eastern Europe. The growth in 2024 was driven by strategic initiatives such as geographic expansion, revenue diversification, and the scaling of digital operations.
One key area of focus has been digital transformation and AI integration. e& UAE is leveraging over 160 machine learning models, positioning itself as a leader in the integration of AI and Generative AI within telecommunications. This approach aims to optimise operations, redefine customer experiences, and drive innovation across various business domains. The group is also equipping its leaders with strategic and practical AI knowledge through hybrid learning models, ensuring that AI-driven initiatives are led effectively.
Infrastructure expansion has also been a priority. The UAE leads in fibre network coverage, surpassing global benchmarks. e& continues to invest in advanced network infrastructure, including the rollout of 5G services, to support future technologies and connectivity demands. The launch of two new subsea telecom cable systems (2023/24) connects 33 countries across Africa, the Middle East, and Europe, enhancing global connectivity and opening new markets.
Strategic partnerships and alliances have played a significant role in e&'s success. The company has entered a three-year alliance with DataRobot, a leading US-based AI platform provider, to accelerate digital enterprise solutions. e& also signed a Memorandum of Understanding (MoU) with Abu Dhabi Global Market (ADGM) to provide integrated telecom services for registered firms, focusing on FinTech, blockchain, and cybersecurity innovation.
e& has also diversified beyond telecom, with fintech and digital services becoming a significant part of its strategy. Under e& life, the group is transforming from a digital wallet provider to a full-fledged, tech-driven fintech company, offering a super app marketplace with features like money transfers, news, games, and home services. The introduction of Content Pass categories (Music, Gaming, Video, and Connect) expands its digital ecosystem, catering to evolving consumer preferences.
Finally, e& is actively pursuing international opportunities, as seen in its commitment to investing in Pakistan’s ICT and telecom sectors, aiming to support digital connectivity and growth in emerging markets. The rebranding to “etisalat by e&” and the appointment of new CEOs for international and consumer digital units signal a refreshed vision focused on global technology leadership and investment.
e&'s robust 2024 performance supports its commitment to delivering growth, opportunities, and impact. The company was recognised as the 'World's Fastest-Growing Brand' by Brand Finance. CEO Hatem Dowidar called 2024 a year of "more" - more growth, more opportunities, and more impact. As e& concludes its Annual General Meeting (AGM) today, it looks forward to even greater achievements in 2025.
- e&'s Chairman, Jassem Mohamed Bu Ataba Alzaabi, underscored the company's global ambition, emphasizing its commitment to achieving even greater accomplishments in the future.
- The growth in 2024 for e& was driven by strategic initiatives such as geographic expansion, revenue diversification, and the scaling of digital operations, which have positioned the company as a leader in multiple industries.
- Infrastructure expansion has been a priority for e&, with investments in advanced network infrastructure like 5G services and the rollout of two new subsea telecom cable systems that connect 33 countries across various regions, enhancing global connectivity and opening new markets.
- Moving forward, e& is actively pursuing international opportunities and has shown a commitment to investing in emerging markets, such as Pakistan's ICT and telecom sectors, to support digital connectivity and growth in these regions.
