e& Delivers Record Profit Ahead of CEO Transition
The earnings announcement comes alongside a leadership transition, as Group CEO Hatem Dowidar steps down after six years and e& UAE CEO Masood M. Sharif Mahmood takes over.
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UAE-based telecommunications and technology group e& reported a robust 33.6% jump in full-year net profit as higher revenues from domestic and global operations lifted earnings to a record.
Net profit for the year ending 31 December rose to Dh14.4 billion ($3.92 billion) from Dh10.8 billion a year ago, the company said in an exchange filing.
Annual revenue climbed 23% to Dh72.9 billion, while consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) increased 21.1% to Dh32 billion. Earnings per share rose to Dh1.65 from Dh1.24.
Subscriber growth was a key driver. The company’s UAE subscriber base surpassed 16.3 million, up 8.4% from the previous year. Globally, total subscribers reached 244.7 million, representing a 31.3% annual increase, which is an indicator of the company’s expanding international footprint.
Founded in 1976 as Etisalat, e& has undergone a multi-year strategic transformation to reposition the organization from a regional telecommunications provider into a diversified global technology group. Its portfolio now spans enterprise solutions, fintech, digital platforms, and digital lifestyle services. Chairman Jassem Mohamed Bu Ataba Alzaabi described the 2025 results as evidence of disciplined execution and the maturation of the company’s strategic pivot.
The board approved a cash dividend of 47 fils per share for the second half of 2025, bringing the total annual dividend to 90 fils per share. It also announced plans to increase the 2026 annual dividend to 95 fils per share, signaling confidence in sustained earnings growth.
The earnings announcement coincided with a leadership transition. Group CEO Hatem Dowidar will step down after six years at the helm. Since assuming the role in 2020, Dowidar has overseen a period of accelerated international expansion and structural realignment, guiding the company’s rebranding and diversification strategy. During his tenure, e& expanded operations across the Middle East, Africa, Asia, and Europe while strengthening non-core telecom verticals.
The board has appointed Masood M. Sharif Mahmood, currently CEO of e& UAE, as successor. The leadership change comes at a time when the company is consolidating its identity as a technology conglomerate operating beyond traditional connectivity services.
