During H1 2024, Evision demonstrated significant growth, surpassing 5.5m subscribers in the first half of 2024
E&, a telecommunications and media conglomerate, has announced consolidated revenues of AED 28.3bn ($7.70bn) for the first half of 2024, marking a 6% year-over-year (YoY) increase. The group’s consolidated net profit also saw a significant rise, growing by 17% to AED 5.5bn ($1.50bn). Additionally, consolidated EBITDA reached AED 12.9bn ($3.51bn), resulting in a robust EBITDA margin of 46%.
This strong financial performance reflects E&’s strategic emphasis on growth and innovation in both local and international markets. The company also reported a 6% YoY increase in its total subscriber base, now totalling 175m, with 15m subscribers in the UAE alone, a 5% YoY growth.
In line with its commitment to delivering shareholder value, E&’s Board of Directors approved an interim dividend of 41.5 fils per share for the first half of 2024. This decision follows a new dividend policy approved at the Annual General Meeting (AGM) earlier this year, which stipulates an annual incremental increase of AED 0.03 per share through 2026.
Evision, a subsidiary of E& focused on media and entertainment, reported significant growth, surpassing 5.5m subscribers in the first half of 2024. Its ad-supported streaming platform, Starz ON, has been a key growth driver, offering diverse content including sports, Arabic and Turkish programming through Noor Play, and Mandarin and Korean programming via iQIYI.
Evision has also secured exclusive broadcasting rights for the ICC Cricket World Cup, along with premium content from Hotstar (Disney Star), Zee and Viacom 18, catering to sub-continent audiences. The company further expanded its entertainment portfolio by signing multi-year deals with major studios such as Sony Pictures Television and Amazon MGM, enhancing its offerings on platforms like Starzplay, eLife and Switch TV. Additionally, Evision acquired exclusive rights to UFC for the MENA region, strengthening its sports programming.
H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman, e&, said: “e& showcased remarkable resilience and sustained its upward trajectory in the first half of 2024, achieving consolidated net profits of AED 5.5bn, representing a year-over-year growth of 17%. This robust performance was driven by our unwavering commitment to excellence and innovation.
“We are proud of the progress made in the first half of 2024, which was bolstered by our recent acquisitions, partnerships, and strategic expansion of our digital services portfolio. These efforts significantly strengthen e&’s position as a leader in digital transformation, providing state-of-the-art solutions to our diverse customer base.”
Reflecting on e&’s growth trajectory and future prospects despite challenges in some of its markets, Alzaabi added: “e& remains committed in delivering top-tier services and advanced technologies with a focus on purpose and value. Our ongoing investments in digital infrastructure and emerging technologies position us as a driving force for innovation and growth, making us the preferred partner in advancing the digital economy. With the support and vision of the UAE leadership, we will continue to play a crucial role in shaping the digital landscape and driving socio-economic progress, thereby reinforcing the UAE’s status as a global innovation hub.”
Hatem Dowidar, Group Chief Executive Officer, e&, stated: “e&’s performance in the first half of 2024 highlights our dedication and efforts to foster growth and efficiency while demonstrating resilience and adaptability to the various challenges in some of our markets.
“e& achieved impressive results with consolidated revenue increasing by 6% to AED 28.3bn, and consolidated EBITDA rising by 2% year-over-year to AED 12.9bn. Our success is driven by our relentless pursuit of technological innovation, delivering tangible value to our customers and shareholders. We have embraced advanced and emerging technologies, launching numerous AI-driven initiatives and platforms, underscoring our leadership in digital transformation. Strategic partnerships have enhanced our service portfolio, while we continue to expand our global presence through successful acquisitions.
“Looking ahead, I am confident that our dedication to empowering individuals, businesses, and communities through technology will pave the way for growth and create a meaningful impact in people’s lives. Despite the challenges in some markets, we will focus on seizing the opportunities ahead. With the unwavering efforts of our teams, we can accelerate our progress, take bold actions to enhance our value proposition, and expand access to connectivity. We are deeply grateful to our customers and shareholders for their continued support and trust as we explore new avenues and achieve new milestones.”
E& has achieved significant recognition, being named the Fastest Growing Tech Brand and Most Valuable Brand Portfolio in the Middle East and Africa (MEA) according to the 2024 Brand Finance Global 500 Report. This accolade highlights the company’s performance, which saw its brand portfolio value increase to $17bn in 2024.
In partnership with the Abu Dhabi National Oil Company (ADNOC), E& is set to build the world’s largest private 5G network for the energy sector. This initiative aims to revolutionise the industry by enabling rapid data transfer and connectivity across ADNOC’s extensive 11,000-sqkm operation area. The network will enhance ADNOC’s AI capabilities, allowing for advanced technical innovations and remote access to onshore and offshore sites.
Collaborations with Vodafone, Dell Technologies and Huawei have been established to provide managed voice solutions, drive 5G innovation, and develop green, energy-efficient networks. Additionally, E& has partnered with the Global Telco AI Alliance to form a joint venture focused on developing Large Language Models (LLMs) for advanced AI customer service solutions.
E&’s Carrier & Wholesale (C&W) division has made significant strides in expanding connectivity. Notable agreements include partnerships with the 2Africa subsea cable system and the Gulf Gateway Cable (GGC-1), enhancing the UAE’s position as a global digital hub. The division has also launched the region’s first Smart Connect (Bandwidth on Demand) service, providing operators with flexible connectivity solutions.
Collaborations with Telecom Egypt, Telin, and an Indian telecom company aim to develop the ICE IV subsea cable project, connecting Southeast Asia and India to the Middle East. E& has expanded its Tier III SmartHub network to Abu Dhabi, strengthening the region’s digital infrastructure.
E& also set a world record for the fastest data transfer rate of 30.5 Gbps on its live 5G network in the UAE, underscoring its leadership in 5G technology.
Furthering its commitment to connectivity, E& UAE announced a network upgrade to deliver speeds of up to 50 Gbps, leveraging 50G-PON broadband technology. The company released a whitepaper on the transformative potential of 5G and maintained the UAE’s leadership in Fibre-to-the-Home (FTTH) penetration with a rate of 99.3%.
E& UAE introduced Fibre-to-the-Yacht (FTTY) services at Yas Marina in Abu Dhabi, collaborated with Nokia for Multi-Access Edge Slicing, and expanded partnerships with Oracle and Microsoft to enhance AI and 5G capabilities. The company also joined Yahsat’s Direct-to-Device (D2D) ecosystem, enabling satellite coverage for smartphones.
In aerial mobility, E& UAE partnered with Multi Level Group (MLG) to innovate in electric vertical take-off and landing (eVTOL) aircraft and drones. The company opened its second AI-powered autonomous telecom store, ‘EASE,’ in Dubai Mall, enhancing customer service with cutting-edge technology.
E& UAE’s AI-driven solutions have reduced technical calls by over 30% and technician visits by 40%. The company also partnered with the Abu Dhabi Chamber of Commerce and Industry to support digital transformation for SMEs and launched Copilot for Microsoft M365 for businesses.
E& UAE’s SMB Awards 2024 recognised outstanding achievements in the SME sector, while the company launched an AI-powered browser extension, “Wider Web,” to support autistic users. The GoLearning platform was introduced, offering over 10,000 courses for professional development.
The company continues to support young Emirati talent with initiatives like the AI Graduate Programme and virtual coding camp. E& UAE was recognised as the Top Global Telecom Employer in Brand Finance’s Employer Brand Report 2024.
E& enterprise continued to drive digital transformation across the private and public sectors, acquiring GlassHouse in Turkey and partnering with Burjeel Holdings for telemedicine projects. The company collaborated with Fils for sustainable digital payments, developed a House Visits and Interviews Management System with the Abu Dhabi Social Support Authority (ADSSA), and partnered with SAS and Dubai Public Prosecution (DPP) for AI solutions and a digital justice system.
In Saudi Arabia, E& enterprise partnered with King Abdullah Financial District (KAFD) and International Data Corporation (IDC) to support digital transformation aligned with Saudi Vision 2030. The new Contact and Customer Experience Centre in Riyadh aims to create over 1,500 jobs.
E& enterprise’s collaboration with NICE brought advanced customer service solutions to the UAE. The partnership with Payit and the rebranding of haifin further strengthened its digital offerings.
E& international expanded its global presence, with Perfectum joining its Partner Market Programme in Uzbekistan and the launch of e& Neo in Egypt with Mashreq Bank. Onic in Pakistan won awards for its mobile app, while Etisalat Afghanistan acquired an additional spectrum.
E& Capital has invested nearly $150m in startups across various tech industries, with key investments including Ikigai, Airalo and Traydstream.
E& continues to be a leader in telecommunications and digital innovation, driving growth and technological advancements across the Middle East and beyond.
