Telecom Group Reports Solid Growth in 2024 Financial Results

Telecom giant e& has reported a 4.30% year-on-year increase in consolidated net profits for 2024, totalling AED 10.75 billion, up from AED 10.30 billion in 2023. The company’s performance reflects strong growth in both its traditional telecommunications business and expanding digital services segment, driven by rising demand for digital services across its markets.

In addition to the profit growth, e& posted a 10.10% rise in consolidated revenue, reaching AED 59.20 billion, compared to AED 54.75 billion in the previous year. The revenue growth is attributed to sustained performance across the company’s core operations, with significant contributions from its telecom and digital verticals.

Earnings per share also saw an uptick, climbing to AED 1.24 for the year ending 31 December 2024, compared to AED 1.18 in the previous year. The increase in EPS indicates improved profitability, largely driven by the robust performance of the company’s operations.

The telecom group’s operating profit surged by 26.40% YoY, reaching AED 20.06 billion in 2024, up from AED 15.86 billion in 2023. This substantial growth in operating profit was a key factor in the overall positive financial results and highlights the strength of the group’s operational efficiency.

The company’s financial growth was propelled by strong performance in both the telecommunications sector, which remains a core part of the business, and the digital services sector. The growing demand for digital transformation, cloud computing, and other digital services has contributed to e&’s ability to expand its footprint in these areas, supporting its overall growth strategy.

e&’s digital services business has been one of the key drivers of its success, with heightened demand for solutions across various industries, including e-commerce, cloud services, and cybersecurity. The company’s strategic investments in this area have paid off, enabling it to tap into new revenue streams that complement its traditional telecom operations.

The telecom group’s investments in digital infrastructure and technology platforms have also played a pivotal role in driving growth. By leveraging advanced technologies such as 5G networks, artificial intelligence , and the Internet of Things , e& has positioned itself as a leader in the digital services space. These investments have not only expanded the company’s service offerings but also enhanced its ability to meet the growing demand for connectivity and digital transformation solutions.

The positive financial performance of e& comes at a time when the telecom industry is navigating several challenges, including regulatory pressures, competition, and shifting consumer preferences. However, the company’s diversified business model, which spans both telecom and digital services, has allowed it to weather these challenges effectively. By capitalising on emerging trends in digitalisation, e& has maintained its market leadership and continued to generate value for its shareholders.

As the company looks to the future, its focus will remain on expanding its digital services and technological capabilities. The telecom group plans to continue investing in next-generation technologies such as 5G and AI, as well as explore opportunities in other high-growth areas like smart cities, fintech, and digital media.