Financial Results

e& reports consolidated revenues of AED 14.2 billion in Q1 2024

30 Apr 2024

e& reports consolidated revenues of AED 14.2 billion in Q1 2024, up 9 per cent

Abu Dhabi: e& today disclosed its consolidated financial results for Q1 2024, reporting consolidated revenue of AED 14.2 billion, growing 9% year-over-year, while consolidated net profit increased to AED 2.3 billion, a year-over-year growth of 7%. The group’s consolidated EBITDA reached AED 6.4 billion, growing 3% year-over-year, resulting in an EBITDA margin of 45%.

The number of e& UAE subscribers reached 14.5 million in Q1 2024, while consolidated group subscribers reached 173 million, representing an increase of 5 per cent over the same period last year.

Financial Highlights for Q1 2024

e& reported strong performance across its operations. This was driven by the expansion of partnerships across its verticals and continuous investments in developing critical infrastructure for future readiness.

 Q1 2024Q1 2023Per cent change
RevenueAED 14.2 billionAED 13.0 billion9%
Net ProfitAED 2.3 billionAED 2.2 billion7%
EBITDAAED 6.4 billionAED 6.2 billion3%
Consolidated Group Subscribers173 million164 million5%


H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e& said: “e& reported strong performance in Q1 with consolidated net profits reaching AED 2.3 billion, a growth of 7 per cent year-over-year. This was driven by our focus to build a progressive business model represented by our well-positioned verticals to grow and succeed throughout the year. The group’s efforts towards forming new partnerships across the business ecosystem to deploy emerging technologies that drive next-generation digital connectivity has played a significant role in this success journey. We are pushing the boundaries of technology, empowering millions of people with innovative solutions and making breakthroughs in supporting the UAE's well-defined vision for digital transformation.”

Hatem Dowidar, Group Chief Executive Officer of e&, said: “Our evolution as a tech-co that embraces the future is reflected in our Q1 financial results, building on the momentum of last year’s success. e&’s robust performance in Q1, with consolidated revenue growth of 9 per cent to AED 14.2 billion while consolidated EBITDA reached AED 6.4 billion, growing 3 per cent year-over-year. This is a testament of the strategic choices we’ve made in diversifying our portfolio, fortifying our brand, and cementing partnerships in our unrelenting efforts to digitally empower the people and communities we serve while maximising value creation for our shareholders.”

Key Operational Highlights


e& was named the Fastest Growing Tech Brand and Most Valuable Brand Portfolio in MEA and has continued its growth trajectory exemplified by landmark partnerships, alliances, and large-scale infrastructural developments that position the group as a transformational force. 

In Q1 e& and its partners in the Global Telco AI Alliance announced a joint venture to develop telco-specific Large Language Models (LLMs) to revolutionise customer service through advanced AI solutions. e& also made a commitment to the International Telecommunication Union’s (ITU) Partner2Connect Digital Coalition, pledging to invest US$ 6 billion between 2024 and 2026 in technological advancement, infrastructure development, and innovative digital solutions to extend meaningful connectivity to communities across its markets.

e& Carrier & Wholesale (C&W) has made advancements in accelerating the growth of connectivity with milestone agreements in the subsea cable space. C&W is set to anchor the 2Africa subsea cable, marking the most extensive subsea cable system landing in the UAE to date. A collaboration with Ooredoo will introduce the Gulf Gateway Cable (GGC-1), connecting data centres in Abu Dhabi and Doha while facilitating seamless communication and data exchange. In addition, C&W launched the region’s first Smart Connect (Bandwidth on Demand) service.

e&, Telecom Egypt, Telin and a major Indian operator formed a consortium to develop the ICE IV Project to seamlessly connect the Intra Asia region to India and the Middle East. e& expanded its Tier III SmartHub data centre network to Abu Dhabi, providing state-of-the-art infrastructure and connectivity to support the entire region’s digital ecosystem.

e& C&W launched a one-stop-shop solution with a new wholesale service model empowering emerging network operators with fully managed services, giving them access to the entire value chain, including Bilateral Roaming Services, Roaming as a Service (RaaS), Voice Gateway Services, A2P Gateway services, and Data connectivity for faster internet access.

e& and Vodafone joined forces to empower other operators to confidently adapt to the evolving voice landscape with cross-border managed voice solutions. e& and Dell Technologies partnered to support and strengthen e&’s mobile networks transition to open technologies. In addition, e& and Huawei signed an agreement that will see both entities collaborating on developing green and energy-efficient networks in the UAE.

Setting a new precedent in the UAE’s journey towards net-zero carbon emissions, e& also continued its sustainability efforts by partnering with Al-Futtaim Electric Mobility Company to deploy a fleet of 100 BYD electric vehicles (EVs).

Recognising that its people are central to its success, e& consistently invests in fostering a positive and supportive work environment and was recognised as a ‘Great Place to Work®’.

e& UAE

e& UAE continued to reign as the Strongest Telecom Brand in the World in 2024. ABAC Center of Excellence also awarded e& UAE the distinguished ISO 37001:2016 Anti-Bribery Management System (ABMS) certification, a significant milestone in its commitment to ethical business practices.

As a pioneer in network technology and services, e& UAE completed multiple cloud Radio Access Network (RAN) trials, a first in the MEA region, providing network innovation and agility to operators and enterprises to improve performance in the 5G ecosystem.

Setting an industry benchmark in the Middle East, e& UAE announced a network upgrade capability that will deliver speeds of up to 50Gbps. Powered by the successful completion of the Middle East’s first symmetric 50-Gigabit-capable Passive Optical Networks (50G PON) broadband service, e& UAE is set to accelerate the digital experience for households and businesses.

e& UAE continued to drive innovation in the market, opening the second AI-empowered autonomous telecom store, ‘EASE,’ in Dubai mall. Powered by AI and ground-breaking technologies, the store is designed to help customers seamlessly purchase products and services.

The first quarter was characterised by collaborations and advancements in connectivity solutions that maximise stakeholder value and customer experience. By partnering with Cisco it will enable businesses in the UAE to digitally transform and bring efficiency in their operations. A partnership with Advanced Real Estate Services (ADRES), a PropTech venture developer, will enhance the entity’s digital framework and expand its reach through e& UAE’s digital platforms.

Additional collaborations with Huawei include a live trial of MENA’s first 800GE router, marking a major step toward moving 800GE technology out of lab tests and into practical use. e& UAE became the first company outside North America to deploy Microsoft’s Azure Operator Nexus and Azure Operator 5G Core solutions. Deepening its efforts to elevate customer experiences using custom Generative AI (GenAI), e& UAE partnered with Amazon Web Services (AWS).

e& UAE partnered with Ericsson to implement the latest charging features across its network to boost 5G capabilities, monetise new 5G services, and provide enhanced experiences to customers in the UAE through technology, security, and operational upgrades. Both organisations also completed a Cloud RAN trial in the UAE, successfully conducting a 5G data call using Ericsson’s Cloud RAN architecture in a lab environment.

Nokia and e& UAE came together to showcase the industry’s first Multi-Access Edge Slicing on a live network. With Oracle, the partnership entailed enhancing AI capabilities by deploying NVIDIA H100 GPU clusters within e& UAE’s Oracle Cloud Infrastructure (OCI) Dedicated Region, located at its data centres.

In a trailblazing move that will enhance global connectivity, e& UAE became the first operator to join Yahsat’s Direct-to-Device (D2D) to bring satellite coverage to standard smartphones.

e& UAE unveiled new 5Gbps and 10Gbps Plans, the first of its kind in the UAE. The new Fibre-to-the-Home (FTTH) plans are set to significantly enhance the connectivity experience for consumers with ultra-fast fibre internet. Bringing transformative connectivity to the water’s edge, Corning Incorporated and e& UAE introduced Fibre-to-the-Yacht (FTTY) at Yas Marina, integrating 138 yachts with the latter’s advanced solutions and Corning’s pre-terminated fibre optic cables.

KEZAD Communities partnered with e& UAE to redefine the digital landscape of Razeen Residential City in Abu Dhabi, leveraging advanced technology to significantly enhance the quality of life for the city’s residents. Aqara collaborated with e& UAE to meet the region’s growing demand for smart living. e& UAE released a whitepaper to showcase its capabilities at the forefront of the UAE’s transition to 5G.

e& life

In Q1, e& life followed through on its philosophy of “simplicity being the ultimate sophistication”, refreshing the design of the e& money financial app, the number one native fintech app in the UAE in terms of monthly active users.

evision continued to fortify its content library to meet the diverse demands of the MENA audience. In an impressive Q1 performance, it showcased substantial growth, surpassing a milestone of 5.5 million users. This achievement was propelled by the resounding success of STARZ ON, evision’s ad-supported streaming platform, launched last year in the MENA region.

In addition, evision cemented its position as a pioneer in delivering world-class entertainment to MENA, catering to sports enthusiasts and thrill-seeking audiences with the launch of Red Bull TV and ‘DAZN Combat’ on STARZ ON. The channel showcases the best of boxing, MMA, and other combat sports. STARZ ON also offered the 2024 Women’s Premier League cricket tournament live and for free.

Evision reinforced its position as a leading media and entertainment powerhouse in the MENAP region by expanding its strategic collaboration with Disney Star. Under the extended partnership, evision built MENA’s home of content for the subcontinent audience, bringing the best of South Asian entertainment to audiences across the region by securing four-year MENA exclusive ICC cricket rights and becoming the home of Hotstar Specials in the region.

Directly supporting the strategic objective of e& life to be the leading consumer ecosystem player in the region, evision partnered with Cricbuzz to transform cricket broadcasting in the Middle East.

Evision successfully re-established direct Hollywood studio deals with Sony Pictures and MGM Amazon for SVOD, signalling a renewed focus on bringing high-quality entertainment to audiences in MENA. It also enhanced its Arabic portfolio with a strategic partnership with Noor Play, offering an exciting array of Ramadan content available across e& platforms, including Egyptian drama, Turkish programming, sports, cooking, and kid’s content.

 e& enterprise

Continuing its objective on digitally transforming the healthcare sector, e& enterprise and Daman launched “Hayakom Digital Booth”, a visionary concept designed to redefine health insurance accessibility and improve customer service in the UAE.

Two landmark collaborations with Burjeel Holdings, including the launch of a pioneering telemedicine services project and an MoU to transform delivery models, were aimed at redefining healthcare in the UAE and beyond. Each collaboration represents a transformative approach to healthcare that prioritises accessibility, efficiency, and sustainability across the region.

e& enterprise’s partnership with Fils is set to establish a new standard in the digital payments sector by promoting sustainability with businesses sharing precise information with their customers, including carbon emissions per transaction and the option to offset their carbon footprint using reliable methods.

Its commitment to unlocking the public and private sector’s digital potential was given increased vitality with several new partnerships and collaborations formed in Q1. The year began with the CX World Forum, where e& enterprise participated as a strategic partner, joining industry leaders and decision-makers to explore the future of customer experience.

Haifin, the freshly rebranded trade finance blockchain platform of e& enterprise, announced its broader vision to expand beyond the UAE where, in 2023, it evaluated over AED 116 billion worth of transactions, representing close to 70 per cent year-on-year growth.

A partnership with the Abu Dhabi Social Support Authority (ADSSA) illustrates e& enterprise’s capabilities in digitally enabling public sector entities to develop the “House Visit and Interviews Management System”.

e& enterprise and SAS joined forces to enable AI-powered and data-driven innovations in the UAE and KSA. It also reinforced its commitment to accelerating Saudi Arabia’s digital future held in partnership with the King Abdullah Financial District (KAFD) and International Data Corporation (IDC), exploring the current state of the Kingdom’s digital landscape and highlighted e& enterprise’s investments in the region and its contribution to advancing the objectives of Saudi Vision 2030.

As the official host partner for the IDC Middle East CIO Summit 2024, e& enterprise reaffirmed its commitment to driving digital transformation in the region, leading discussions focused on the role of IT leaders in today’s increasingly AI-infused landscape.

 e& international

e& international continued to expand its Partner Networks Programme, aimed at extending the benefits of its extensive scale to other operators. In the first quarter there was significant progress with the new partner Ncell Nepal, now extending the programme to five operators across six countries.  

Additionally, the business reinforced its commitment to boosting partner networks at the second annual Chief Business Officer (CBO) Forum, where the Partner Network Programme was expanded with the addition of Sudatel.

PTCL became the market leader in Fibre-to-the-Home (FTTH) services in Pakistan. Its ascent to the forefront of this critical segment of the telecommunications market is a testament to its robust infrastructure and innovative offerings.

e& capital

Since the launch of e& capital in 2022, it has invested over US $100 million in more than 10 high-growth, technologically innovative companies, making e& capital the most active CVC investor in the Middle East.

Its portfolio companies are disrupting the technological landscape and driving substantial value to customers across MENA and globally. e& capital’s companies are the source of the most technologically advanced innovations, supported by leading global institutions and universities. It continues to source and invest in innovative founders, helping them scale and benefit from synergies across the e& group.