E& Achieves Consolidated Revenue Of AED 14.4 Billion In Q3 2024 With Strategic Growth Initiatives

e& has reported its financial results for the third quarter of 2024, showing a consolidated revenue of AED 14.4 billion. This represents a 10% increase compared to the previous year when adjusted for constant currency. Over the first nine months of 2024, e& achieved a total revenue of AED 42.7 billion, marking a 9% year-over-year growth, indicating robust expansion across various sectors.

The company recently finalised the acquisition of PPF Telecom, a strategic move aimed at diversifying its portfolio. This acquisition supports e&'s ambition to evolve into a global technology leader by expanding its digital services in enterprise solutions, fintech, and media and entertainment sectors.

e& experienced a 6% year-over-year rise in its total subscriber base, reaching 177.3 million users. In the UAE alone, subscriber numbers grew by 5%, totalling 14.7 million. The company's telecom footprint now spans 20 countries, extending its reach to 38 markets worldwide.

Hatem Dowidar, Group CEO of e&, stated, "e& continued its strong momentum in the first nine months, with consolidated revenue growing 9 percent in constant currency to AED 42.7 billion." He highlighted that this growth was driven by solid performance both locally and internationally.

The company reported a consolidated net profit of AED 8.5 billion for the first nine months of the year, reflecting a 10% increase. Additionally, consolidated EBITDA reached AED 19.4 billion with an EBITDA margin of 45%, while telecom EBITDA margin remained stable at 49%.

Dowidar expressed optimism about future opportunities following the acquisition of PPF Telecom Group. He noted that this expansion marks e&'s first operational presence in Europe and enhances their ability to drive digital transformation across regions including the Middle East, Asia, Africa, and Central and Eastern Europe.

Commitment to Digital Transformation

"Now that we have completed the acquisition of a controlling stake in PPF Telecom Group," Dowidar added, "we look forward to the opportunities that will arise as we expand our global horizon." He emphasised their commitment to impacting over one billion people through digital empowerment.

Dowidar concluded by reaffirming e&'s dedication to supporting the UAE's vision for digital leadership. The company aims to continue investing in advanced infrastructure and strategic partnerships to deliver innovative solutions that promote sustainable progress and transformation.

With inputs from WAM