E&’s AGM approves a three-year progressive dividend policy

E& announced on Monday that its shareholders approved the board of directors' recommendation of a new progressive dividend policy with an incremental increase of Dh0.03 every year for the fiscal years 2024, 2025, and 2026 bringing the dividend per share (DPS) to Dh0.89 by FY 2026.

The group's AGM also backed the board's recommendation to distribute cash dividends of Dh0.40 per share for the second half (July to December) of 2023, representing a total dividend of Dh0.80 per share for FY 2023.

E& continued its transformation journey to become a global technology powerhouse in 2023. The group demonstrated strong financial performance with consolidated revenues of Dh53.8 billion and a record net profit of Dh10.3 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 $17 billion in 2024.

Jassem Mohamed Bu Ataba Alzaabi, chairman of e&, said 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,” he added.

Hatem Dowidar, group CEO of e&, highlighted the group's focus on maximising value through synergistic partnerships and a clear vision for strategic acquisitions, “Our global expansion journey goes beyond extending our footprint to strategically positioning us in key markets, transcending telecoms to redefine connectivity across diverse technology sector,” said Dowidar.