Amidst the backdrop of rapid high-tech advancements, including the rise of AI, the pervasiveness of 5G, and burgeoning autonomous technologies shaping a complex technology landscape for the future, we viewed the challenges as opportunities for growth. Looking ahead, we remain committed to lead the charge in unlocking the potential of these transformative technologies to empower the communities we serve. We reinforced our partnerships, strategically acquired innovative players and asserted our expertise in the cloud and the Internet of Things (IoT). This proactive approach allowed us to emerge future-ready for the new technological paradigm.

A year of significant milestones

In light of the rapid changes shaping our world, redefining business strategies through the adoption of digital solutions and exploring new horizons is paramount. At e&, we embrace opportunities by envisioning future technological advancements and continue to deliver next-generation solutions that drive seamless digital transformation across industries, enhancing the quality of life for people globally and within our markets. Our determined focus on customer-centricity, international expansion, technological innovation, diversification into non- telco verticals and acquisitions and partnerships has paved the way for sustained long-term growth.

Our strong performance during 2023 demonstrated our resilience setting e& on a trajectory for future growth. e& reported consolidated revenues of AED 53.8 billion, growth of 8.3% year-over-year at constant exchange rates, fortified by the Group’s successful business transformation, expanding to new business verticals and diversifying revenue streams. Consolidated EBITDA increased by 3.7% year-over-year at constant exchange rates to AED 26.1 billion, leading to an EBITDA margin of 49%, highlighting the strong profitability of e&’s operations. Finally, we delivered a record consolidated net profit of AED 10.3 billion, representing an increase of 3% year- over-year.

Getting future-ready

e&’s capabilities in AI, automation and digital solutions are geared towards bringing innovative products and services to the forefront of digital transformation and to enhance customer journeys. The launch of “EASE”, the world’s first AI-powered autonomous telecommunications store in the UAE, serves as a prime example of our AI and machine learning capabilities in action, addressing current and future customer needs. With “EASE”, we proudly became the world’s first telecommunications company to offer such a differentiated customer experience entirely anchored in AI, a proof to our capabilities in adapting, adopting and innovating new technologies.

By strategically diversifying our portfolio to more stable currencies, we are strengthening our investment strategies to effectively mitigate the impact of currency fluctuations prevalent in some of our operating markets. Recent strategic moves, such as investments in Vodafone and the planned partnership through a majority stake in PPF Telecom, demonstrate our commitment to diversification and international expansion, particularly in Central and Eastern Europe.

Additionally, we are solidifying our operations in Pakistan through the recent 100% acquisition of Telenor Pakistan. This market consolidation will create long-term value by leveraging synergies that will drive innovation and enable an enhanced digital transformation journey.

In 2023, e& international’s “Partner Network Programme” provided telcos access to cutting-edge expertise by leveraging our capabilities to create value for regional and local operators.

Leading the digital transformation journey across the business sector, e& enterprise made considerable acquisitions and formed major partnerships, with a majority stake in Beehive, MENA’s leading peer-to-peer digital platform.

Through acquisitions like STARZPLAY and Careem Everything App, e& life is reinforcing its presence in Fintech and entertainment, underscoring our commitment to shaping the future of personalised digital experiences.

Sustainability is part of our DNA

At e&, sustainability isn’t just a buzzword, it’s an integral part of our DNA. In 2023, ESG took centre stage as we let our actions speak louder than our words.

To deliver on our pledge to achieve net-zero emissions across our operations by 2040 and the entire value chain by 2050, we rolled out multi-faceted strategies relating to energy efficiency, renewable energy and responsible procurement to drive down our environmental impact in our own operations and value chain.

COP28 presented an outstanding platform for e& to showcase its green connectivity solutions, IoT applications for climate resilience, net-zero 5G site and zero footprint RAN site deployment

Our collaborative efforts and partnerships with the GCC Sustainability Alliance and Green Digital Action initiative have driven valuable conversations, collective action and knowledge sharing that will make a real difference now and in the years to come.

With Charge&Go, our electric vehicle (EV) charging network, we demonstrated our commitment to shaping a sustainable future while meeting the need for quick and easy access to charging networks.

With technological innovation, AI and sustainability as key pillars of e&’s future growth strategy, 2024 will be a year of decisive, tech-driven action as e& delivers on its promise to add real value to people’s lives.

I want to express my appreciation to our talented teams for their efforts and innovative spirit, which remain the driving force behind our success. We also extend our gratitude to our loyal customers and shareholders for their continued trust in our vision. Moving forward, I am confident that our commitment to connecting people, businesses and communities through technology will continue to drive sustained future growth.