E& Achieves 9% Increase In Consolidated Revenues, Hitting AED14.2 Billion In Q1 2024

Emirates Telecommunications Group (e&) has unveiled its financial achievements for the first quarter of 2024, showcasing a robust growth trajectory. The company reported a 9% increase in consolidated revenue, reaching AED14.2 billion. This upward trend was mirrored in its net profit, which saw a 7% rise to AED2.3 billion. Furthermore, e&'s consolidated EBITDA improved by 3%, amounting to AED6.4 billion. These financial milestones are complemented by a significant expansion in the customer base, with e& UAE subscribers hitting 14.5 million and the consolidated group subscribers tallying at 173 million, marking a 5% year-over-year increase.

The impressive financial outcomes are attributed to e&'s strategic initiatives, including the expansion of partnerships and investments aimed at bolstering critical infrastructure. These efforts are part of the company's broader vision to support the UAE's digital transformation agenda. Hatem Dowidar, the Group CEO of e&, emphasized the company's evolution into a technology entity poised for future challenges. He underscored the strategic diversification of e&'s portfolio, brand strengthening, and partnership development as key drivers behind its aim to digitally empower customers and enhance shareholder value.

During this period, e& has embarked on several notable ventures and collaborations. The company joined forces with the Global Telco AI Alliance to pioneer telco-specific Large Language Models and announced a commitment to invest $6 billion in technological advancements and infrastructure development between 2024 and 2026. This investment aims to extend connectivity across its markets and includes significant progress in the subsea cable domain and the launch of the region's inaugural Smart Connect (Bandwidth on Demand) service.

Partnerships have been a focal point for e&, with agreements spanning various sectors. Collaborations with Vodafone and Dell Technologies aim to enhance cross-border managed voice solutions and facilitate the transition to open technologies, respectively. Additionally, e& has partnered with Huawei for the development of green and energy-efficient networks and with Al-Futtaim Electric Mobility Company to introduce a fleet of electric vehicles.

In the media and entertainment sphere, e&'s subsidiary evision has seen remarkable growth, boasting over 5.5 million users. Evision has broadened its content library significantly, launching STARZ ON, an ad-supported streaming platform, and forging partnerships with industry giants such as Disney Star, Cricbuzz, Sony Pictures, and MGM Amazon.

The healthcare sector has also witnessed e&'s innovative approach through collaborations aimed at redefining healthcare delivery models. The "Hayakom Digital Booth," introduced by e& enterprise and Daman, seeks to enhance health insurance accessibility. Moreover, partnerships with Burjeel Holdings are set to transform healthcare services.

On an international scale, e& has solidified its position as a leader in Fibre-to-the-Home services in Pakistan through its expanded Partner Networks Programme. The company's venture capital arm, e& capital, has actively invested over $100 million in technologically innovative companies, establishing it as a leading CVC investor in the Middle East.

e&'s Q1 2024 performance not only reflects its financial resilience but also underscores its commitment to driving digital transformation through strategic investments and partnerships across various sectors. As the company continues to navigate the technological landscape, its efforts are set to further cement its position as a key player in the region's digital ecosystem.

With inputs from WAM