ABU DHABI, 11th April, 2023 (WAM) — eand today announced that its shareholders have approved the Board of Directors’ recommendation to distribute cash dividends for the second half of 2022 at a value of AED 0.4 per share during the Group’s Annual General Meeting (AGM). The total annual dividend per share stands at AED 0.8, demonstrating the Group’s commitment to delivering value to its shareholders. The AGM, provided an opportunity for shareholders to review the Group’s performance, ask questions, and provide feedback. During the meeting, the board commended eand for its impressive performance achieved in 2022, which demonstrates the success of the Group’s transformative evolution as a global technology and investment group. Jassem Mohamed Bu Ataba Al Zaabi, Chairman of eand, said, “As we enter the next chapter of our journey, we are confident that we will continue to witness even greater success as we continue to create an environment with limitless possibilities built on solid foundations, smart connectivity, and fruitful collaborative opportunities.” l Zaabi highlighted how over the past 12 months, eand’s core businesses have sustained solid performance while new business verticals and MandA activities have significantly contributed to their success. He said, “The exceptional financial results achieved by eand, with consolidated revenues of AED 52.4 billion and a record net profit of AED 10.0 billion in 2022, is a strong testament to the success of our business transformation strategy. “The Group’s transformation aims at positioning eand at the forefront of the rapidly changing technology landscape. It symbolises our desire to stay ahead of the ever-changing market, provide innovative solutions to our customers, and show our determination to adapt and thrive.” During the meeting, Hatem Dowidar, Group Chief Executive Officer of eand, shared how the Group’s focus on maximising value creation across its operations and making prudent investments through MandA drove strong performance, significant milestones, and achievements in 2022. He said, “eand reported consolidated revenues of AED 52.4 billion, a growth of 4.7 percent year-over-year at constant exchange rates, underpinned by the Group’s successful business transformation, expanding to new business verticals and diversifying the revenue streams. Consolidated EBITDA increased by 3.7 percent year-over-year at constant exchange rates, to AED 26.2 billion, leading to an EBITDA margin of 50 percent, highlighting the strong profitability of eand’s operations.”

Source: Emirates News Agency (WAM)