e& reports record consolidated net profit of AED 10.3 billion, growing 3% year-on-year

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

Underlining the Group’s commitment to creating value for its shareholders, my&The Board of Directors proposes a dividend of AED 0.40 per share for the second half of 2023, representing a total dividend of AED 0.80 per share for fiscal year 2023.

Additionally, the board recommended a new progressive dividend policy with an increase of 3 fils each year starting in 2024, which will raise the DPS to 89 fils by fiscal year 2026. This proposal is subject to the approval of the General Assembly Shareholders’ Annual.

Consolidated revenues reached AED 53.8 billion, growth of 8.3 percent year-on-year, at constant exchange rates, supported by the Group’s successful business transformation, expansion of business verticals and diversification of revenue flows. income.

Additionally, consolidated EBITDA increased 3.7 percent year-on-year at constant exchange rates to AED 26.1 billion, delivering an EBITDA margin of 49 percent, highlighting the strong profitability of my&the operations.

Reporting strong growth in subscriber base, my& The United Arab Emirates 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 compared to 2022.

Underlining the Group’s commitment to creating value for its shareholders, my&The 2023 Board of Directors proposes a dividend of AED 0.40 per share for the second half (July to December) of 2023, representing a total dividend of AED 0.80 per share for fiscal year 2023.

President of e&, Jassem Mohamed Bu Ataba Alzaabi, saying,

“In 2023, e& grew more and more. We led technology-driven innovations, navigated challenging global market conditions and emerged stronger, further solidifying our position as a leading global technology player. “Our strong financial performance with a record net profit of AED 10.3 billion and strong revenue growth of 3 percent is a testament to our resilience and putting e& on the right path for future growth.”

“We continue to be inspired by the UAE leadership; His determination to push boundaries is a notable example of what is possible when a clear vision is aligned with excellence in execution. Similarly, our commitment to making e& an embodiment of innovation, progress and growth remains unwavering. Our vision is based on the dual objective of achieving sustainable business growth and pioneering digital transformation technologies. From consolidating our diversified business pillars to introducing impactful new products and services, we are committed to empowering our 169 million subscribers across our operations.”

Alzaabi aggregate.

Hatem Dowidar, CEO of e& groupsaying,

“The strong financial performance achieved by e& in 2023, with consolidated revenue reaching AED 53.8 billion, a year-on-year growth of 8.3 percent, 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 most valuable and strongest brands in the world and becoming the fastest growing technology brand in the region. This highlighted our evolution into a global technology group backed by the strong performance of our portfolio of brands. “We will continue to push our limits to be at the forefront of the digital era by developing next-generation digital connectivity and cutting-edge solutions.”

Dowidar aggregate,

“I want to express my gratitude to our talented teams for their efforts and innovative spirit, which continue to be the driving force of our success. We also extend our gratitude to our loyal customers and shareholders for their continued confidence in our vision. Looking ahead, I am confident that our commitment to connecting people, businesses and communities through technology will continue to drive sustained future growth.”

News source: Emirates News Agency