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UAE telco announces cash dividend details 

Company executives addressing the group's annual general meeting

UAE telco e& will pay a cash dividend for the second half of 2022 at AED0.4 per share, taking the annual dividend per share to AED0.8 for the last year.

Jassem Mohamed Bu Ataba Al Zaabi, chairman of e&, said the company’s core businesses have sustained solid performance while new business verticals and merger and acquisition activities have significantly contributed to their success, state-run WAM news agency reported.

Earlier this week e& secured a majority stake in Uber’s Middle East subsidiary Careem’s super app business for $400 million.

In February the Dubai Financial Market-listed firm acquired online marketplace Service Souk DMCC (ServiceMarket) for AED81 million ($22 million). 

e& posted a 7.4 percent growth in consolidated net profit to AED10 billion in 2022 as revenues rose 4.7 percent to AED52.4 billion, following expansion into new business verticals and diversifying revenue streams.

Consolidated earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 3.7 percent to AED26.2 billion, leading to an Ebitda margin of 50 percent.

The group’s aggregate subscribers reached 163 million in 2022, up 2.5 percent year-on-year.