Financial Highlights

Financial Highlights for Q1 2024

Aggregate Subscriber Base – 173 million, representing a year over year increase of 5%.
Consolidated Reported Revenues – AED 14.2 billion, representing a year over year increase of 9% with a constant currency growth of 10% fueled by growth across all markets.
Consolidated Reported EBITDA – AED 6.4 billion, representing a year over year increase of 3% in reported and constant currency, translating to an EBITDA Margin of 45% attributed to changes in revenue mix and inflationary pressures.
Consolidated Net Profit After Royalty – AED 2.3 billion, representing a year over year increase of 7% with a net profit margin of 16%
Consolidated Capital Spending – AED 1.7 billion, representing an increase of 51% with an intensity ratio of 12%
Operating Free Cashflow – AED 4.7 billion, representing a year over year decrease of 7% and a margin of 33%.

Key Developments in Q1 2024

With the successful transformation of e& to a technology group, e& has emerged into a leader of Middle Eastern and African (MEA) brands. The 2024 Brand Finance Global 500 Report unveiled at the World Economic Forum (WEF) in Davos confirmed e& as MEA’s Fastest Growing Technology Brand and the most valuable brand portfolio in MEA
e& has been named a Great Place to Work® by the Great Place to Work Institute in recognition of the company’s efforts to fostering a positive, supportive, and engaging work environment for its employees.
Vodafone and e& have joined forces to provide other operators with comprehensive, fully managed voice solutions to support their international voice traffic requirements and growth plans, as well as help meet the growing demand for voice over 4G/5G (VoLTE) services.
e&, SKT, DT, Singtel, and SoftBank Corp. announce plan to establish a Joint Venture. Through the Joint Venture Company, the five companies plan to develop Large Language Models (LLMs) specifically tailored to the needs of telecommunications companies (telcos). The LLMs will be designed to help telcos improve their customer interactions via digital assistants and chatbots.
e& pledged to invest $6 billion between 2024-2026 in technological advancement, infrastructure development, and innovative digital solutions to extend meaningful connectivity to everyone. This investment is set to provide accessible and affordable network connectivity and digital services across 16 operating countries in Africa, Asia, and the Middle East.
The Abu Dhabi Social Support Authority (ADSSA) announced the launch of the “House Visit and Interviews Management System'', developed in partnership with e& enterprise. The initiative marks a significant milestone in ADSSA’s continuous endeavours to drive digital transformation to enhance the efficiency and impact of its social support services for limited-income families in Abu Dhabi.
e&’s BoD recommended a new progressive dividend policy with an incremental of 3 fils every year for the fiscal years 2024, 2025, and 2026 bringing the dividend per share to 89 fils by fiscal year 2026. Furthermore, the company will commit to maintain a minimum DPS of 80 fils (AED 0.80) for the tenor of this policy i.e. 2024 to 2026. This policy was approved during the General Assembly meeting held on 23 April 2024.
Change in the accounting treatment of e&’s investment in Vodafone, which was earlier accounted for as a financial instrument carried at Fair Value through OCI (FVOCI) under IFRS 9, will be accounted for using the equity method under IAS 28 effective from 19 February 2024.