e&'s AGM approves a 3-year progressive dividend policy with an annual increase of 0.03 AED per share

• Dividend to reach 89 fils per share by FY 2026
• e&'s AGM to approve cash dividends of 40 fils per share for H2 of 2023

Abu Dhabi, 23rd April 2024: e& announced today, during the group's Annual General Meeting (AGM), that its shareholders approved the Board of Directors' recommendation of a new progressive dividend policy with an incremental increase of AED 0.03  every year for the fiscal years 2024, 2025, and 2026 bringing the dividend per share (DPS) to AED 0.89 by FY 2026.

The group's AGM also backed the Board's recommendation to distribute cash dividends 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 FY 2023.

e& shareholders also elected four members of the e&'s Private Sector Board of Directors to fill the four Board seats designated for the non-government shareholder. The elected new members are:

1. Sheikh Ahmed Mohamed Sultan Bin Suroor Al Dhahiri – Board member
2.  Abdelmonem Bin Eisa Bin Nasser Alserkal – Board Member
3.  Khalid Abdulwahid Hassan Alrustamani – Board Member
4.  Otaiba Khalaf Ahmed Khalaf Al Otaiba – Board Member

Fulfilling its vision for growth, e& continued its transformation journey to become a global technology powerhouse in 2023. The group demonstrated strong financial performance with consolidated revenues of AED 53.8 billion and a record net profit of AED 10.3 billion, affirming the success of its business strategy.

The group's rapid evolution was further reinforced by its 2024 Brand Finance ranking as MEA's Fastest Growing Technology Brand and the most valuable TMT brand portfolio valued at US$17 billion in 2024.

H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, emphasised that creating future-ready innovations lies at the heart of e&'s mission across its key business pillars, strengthening its industry leadership as one of the top telecommunications companies in the world. He also expressed confidence that e& will continue its success journey by enhancing its performance while adding value to its shareholders.

 'The newly introduced progressive dividend structure exemplifies our confidence in e&'s success journey and our commitment to delivering growing returns to our shareholders,' said H.E. Alzaabi.

'We are confident in our efforts to make e& a symbol of innovation, progress, and growth. Our vision is anchored in the pursuit of advancing business development and driving the digital revolution. By diversifying our portfolio and introducing cutting-edge products and services, we aim to continue cultivating a technology-powered ecosystem that empowers and improves the lives of our more than 170 million subscribers across our operations,' he added.

H.E. Alzaabi concluded, 'I want to express my sincere gratitude to the visionary leadership of the UAE, who remains our constant inspiration, and to our shareholders for their enduring trust. e& continues to focus on improving the lives and communities we serve. With e&'s strong portfolio of next-generation connectivity solutions, innovations, and services, I am confident that we will continue to push boundaries to drive long-term success and enable our customers and shareholders to seize the opportunities of the digital future.'

e& attributes these successes to the diligent execution of strategic initiatives and the adept navigation of market dynamics, underscored by resilience and agility. A testament to this is the group's consolidated revenue of AED 53.8 billion in 2023, which reflects a growth of 2.5 per cent year-over-year, highlighting the group's successful business transformation.

Hatem Dowidar, Group Chief Executive Officer of e&, highlighted the group's focus on maximising value through synergistic partnerships and a clear vision for strategic acquisitions, which led to strong performance and significant milestones in 2023. He emphasised e&'s continued focus on customer-centricity, global expansion, technology, and diversification into non-telecom verticals, contributing to a successful year.

'Our global expansion journey goes beyond extending our footprint to strategically positioning us in key markets, transcending telecoms to redefine connectivity across diverse technology sectors and empowering communities. We will continue to leverage the momentum of 2023 to deliver our promises and achieve even greater milestones in 2024,' said Dowidar.

 'With a strategic focus and an eye for purpose-driven progress, 2023 has been an incredibly remarkable and rewarding year for e&, underscoring its commitment to pursuing opportunities that create long-term and meaningful impact,' he added.

The group has taken significant steps toward realising its ambitious expansion plans by finalising key partnerships with leading global players such as Vodafone and becoming the largest shareholder in one of the strongest and most globally recognised telecom companies.

Additionally, the binding agreement to acquire the controlling stake in PPF Telecom reflects the group's broader strategy, expanding its presence into new high-growth regions, strengthening its geographic footprint, and paving the way for the next phase of sustainable, profitable expansion.

Looking ahead, e& aims to further diversify its revenue streams beyond telco-centric operations. By investing in promising markets and leveraging digital solutions, e& seeks to enhance its global presence while harnessing the power of emerging technologies, bringing its ambitions for a connected and intelligent future to reality.