Financial Highlights

Financial Highlights for Q2 2024

Aggregate Subscriber Base – 175 million, representing a year over year increase of 6%.
Consolidated Reported Revenues – AED 14.1 billion, representing a year over year increase of 4%. In constant currency consolidated revenues grew 6% fueled by growth across telecom and digital verticals.
Consolidated Reported EBITDA – AED 6.6 billion in reported currency, stable versus the comparable period of the previous year, while in constant currency it grew 2% year-over-year, translating to an EBITDA Margin of 47% attributed to changes in revenue mix and inflationary pressures.
Consolidated Net Profit After Royalty – AED 3.2 billion, representing a year over year increase of 25% with a net profit margin of 22%
Consolidated Capital Spending – AED 1.8 billion, representing a decline of 8% versus Q2 2023, with an intensity ratio of 13%
Operating Free Cashflow – AED 4.8 billion, representing a year over year increase of 3% and a margin of 34%.
On 31 July 2024, the Board of Directors approved an interim dividend distribution for the six months period ended 30 June 2024 at the rate of 41.5 fils per share.

Key Developments in Q2 2024

The General Assembly discussed and passed agenda items including the amendments in the Group Dividend Policy and the voting results of the non-governmental board member elections.
e&, the global technology group, attained the highest position in Brand Finance’s inaugural Employer Brand Report 2024 with its UAE entity ranking as the Top Global Telecoms Employer.
e& enterprise signed a binding agreement with Mediterra Capital & the individual selling shareholder to acquire 100% of GlassHouse, a Türkiye-based cloud services provider, for an enterprise value of US$60mn on a cash free, debt free basis. This acquisition is aligned with the group strategy to diversify revenue streams.
Global Telco AI Alliance (GTAA), comprised of e&, SKT, DT, Singtel, and SoftBank Corp. signed the agreement to establish a JV, focused on Co-developing and Launching a Multilingual Telco LLM, at TM Forum’s DTW24-Ignite.
e& UAE released a new whitepaper, offering a blueprint for navigating the future of telecommunications with artificial intelligence (AI). The whitepaper explores e& UAE’s strategic integration of more than 400 AI use cases and 160 machine learning (ML) models across its operations.
e& enterprise announced a strategic partnership with Payit from First Abu Dhabi Bank (FAB) to transform payment acceptances and elevate customer satisfaction for businesses across the UAE. The partnership will increase digital payment adoption rates, boost conversion rates and enhance overall customer satisfaction.
A new partnership between e& and Cato Networks. Through this partnership a new Point-of-Presence (PoP) will be established within e&’s SmartHub Data Centre. As one of the UAE's premier carrier-neutral data facilities, e&’s SmartHub will serve as a crucial platform for Cato Networks' business customers enabling them to access enhanced interconnectivity and Secure Access Service Edge (SASE) technology.
The European Commission (EC) has opened an investigation to assess e& acquisition of PPF Telecom assets under the Foreign Subsidies Regulation (‘FSR'). e& group is cooperating with the EC to conclude it’s process and remains fully committed to the transaction.
On 3 July 2024, the Court of Appeal of Casablanca's rejected the appeal filed by Maroc Telecom “MT”, a subsidiary of e&. This decision upholds the Commercial Court of Rabat's ruling from 29 January 2024, mandating MT to pay MAD 6.4 billion (AED 2.3 billion) to Wana Corporate for alleged anti-competitive practices. MT to appeal the decision to the Court of Cessation.