Financial Highlights

Financial Highlights for FY 2024

Aggregate subscriber base reached 189.3 million, growing 11.7% year over year.
Revenue increased by 10.1% reaching AED 59.2 billion supported by strong performance across all verticals. On a like-for-like basis, revenues increased 9.9% in constant currency and 7.4% in reported currency reflecting the unfavourable currency movement in EGP and Franc CFA.
EBITDA reached AED 26.5 billion, increasing year over year by 1.3%. Organically, EBITDA increased year over year by 0.7% in constant currency.
Net profit after federal royalty and corporate tax increased 4.3% to AED 10.8 billion, with net profit margin of 18%.
CAPEX increased year over year by 30.5% to AED 9.5 billion, resulting in an intensity ratio of 16.1%. On like-for-like basis and excluding licenses renewals, capex increased by 6.6% year over year to reach AED 7.8bn with an intensity ratio of 13.5% (down 0.1pp vs 2023)
Operating free cashflow reached AED 16.9 billion, with a margin of 29%.

Key Developments in Q4 2024

e& completed the acquisition of a controlling stake (50% +1 economic share) in PPF Telecom’s assets in Bulgaria, Hungary, Serbia and Slovakia. This investment represents a pivotal moment in e&'s international strategy to scale and add further resilience to its operational profile through expanding into Central and Eastern Europe's telecom market. This transaction value is €2.15 billion in addition to an adjustment of €200 million to account for lower debt position and better working capital of e& PPF Telecom.
e&’s AGM approved by special resolution a temporarily increase of the borrowing cap from 1.5x up to 2x the consolidated net debt to EBITDA for the last 12 months as per the most recent audit financial statements of e& group, with a commitment from e& to revert the cap to 1.5x within 18 months from the date of approval. The temporary increase is just a prudent step by e& to ensure maintaining the financial flexibility while meeting its scheduled short-term obligations.
e& entered into a strategic partnership with Amazon Web Services (AWS), the world's most comprehensive cloud provider. As part of the collaboration, AWS and e& signed a US$1 billion-plus (AED3.7 billion) agreement over the next six years to accelerate the impact of cloud-driven innovation and digital transformation across the region.
e& UAE launched its Managed Wi-Fi 7 services, that is designed to meet the growing demands of businesses, this next-generation wireless solution offers up to four times faster speeds and twice the capacity of previous Wi-Fi generations, delivering enhanced operational efficiency and scalability.
e& International has signed a memorandum of Understanding (MoU) with global tech leaders Huawei, Ericsson, Nokia, and Intel during GITEX GLOBAL 2024 to transform its mobile networks using artificial intelligence (AI). Centered around a shared ambition to revolutionise e&’s mobile network infrastructure, this landmark collaboration is set to redefine the telecommunications landscape by laying the groundwork for an "autonomous network" strategy that aligns with the Group’s digital transformation objectives.
e& enterprise signed a Memorandum of Understanding (MoU) with SERGAS Group, a UAE-based gas system solutions provider. The three-year partnership will focus on developing digital solutions to enhance the safety and sustainability of the gas distribution network in the GCC region in-line with Authority regulations.