News Desk
ABU DHABI: e& announced that its shareholders have approved the Board of Directors’ recommendation to distribute cash dividends for the second half of 2022 at a value of AED 0.4 per share during the Group’s Annual General Meeting (AGM) on Tuesday, 11th April, 2023. The total annual dividend per share stands at AED 0.8, demonstrating the Group’s commitment to delivering value to its shareholders.
The AGM, provided an opportunity for shareholders to review the Group’s performance, ask questions, and provide feedback.
During the meeting, the board commended e& for its impressive performance achieved in 2022, which demonstrates the success of the Group’s transformative evolution as a global technology and investment group.
H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, thanked the board members for their support. He reiterated e&’s commitment to serving customers and creating long-term shareholder value while continuing to work towards positively impacting the communities they serve.
“As we enter the next chapter of our journey, we are confident that we will continue to witness even greater success as we continue to create an environment with limitless possibilities built on solid foundations, smart connectivity, and fruitful collaborative opportunities.”
Historical strong performance
H.E. Jassem Mohamed Bu Ataba Alzaabi highlighted how over the past 12 months, e&’s core businesses have sustained solid performance while new business verticals and M&A activities have significantly contributed to their success.
He said: “The exceptional financial results achieved by e&, with consolidated revenues of AED 52.4 billion and a record net profit of AED 10.0 billion in 2022, is a strong testament to the success of our business transformation strategy. Our strong performance reflects our excellent financial position, successful business strategy, ambitious goals, and shareholders’ confidence in our future. We will remain committed to delivering continuous growth and improving long-term value for our customers and shareholders.
“The Group’s transformation aims at positioning e& at the forefront of the rapidly changing technology landscape. It symbolises our desire to stay ahead of the ever-changing market, provide innovative solutions to our customers, and show our determination to adapt and thrive.”
Unlocking new opportunities
During the meeting, Hatem Dowidar, Group Chief Executive Officer of e&, shared how the Group’s focus on maximising value creation across its operations and making prudent investments through M&A drove strong performance, significant milestones, and achievements in 2022.
He said: “e& reported consolidated revenues of AED 52.4 billion, a growth of 4.7% year-over-year at constant exchange rates, underpinned by the Group’s successful business transformation, expanding to new business verticals and diversifying the revenue streams. Consolidated EBITDA increased by 3.7% year-over-year at constant exchange rates, to AED 26.2 billion, leading to an EBITDA margin of 50 per cent, highlighting the strong profitability of e&’s operations.
“We are committed to remaining at the forefront of digital transformation and empowering customers to innovate and overcome their business challenges. We are leveraging cutting-edge technologies such as 5G, AI, IoT, blockchain, and cloud to achieve this goal. We have partnered with leading global technology giants to bring the best possible solutions and innovations to our customers. Furthermore, the Group has strategically pursued mergers and acquisitions for sustained growth and diversification, with a focus on non-telco verticals.”
As part of its strategy, e&’s business verticals embody a progressive model that enables us to capitalise on opportunities in the rapidly changing digital landscape. By focusing on innovation, e& aims to deliver high-value digital solutions that meet the evolving needs of its customers in different markets.
