e& Reports Consolidated Revenue Growth for Q3 2024
e& announced an impressive milestone with its Q3 2024 financial results, showcasing consolidated revenues of AED 14.4 billion, achieving a 10% growth in constant currency.
This remarkable achievement reflects a consistent upward trajectory in revenue performance across various sectors, as total revenues for the first nine months of 2024 reached AED 42.7 billion, representing a year-over-year growth of 9%.
Strategic Acquisitions and Growth
The successful acquisition of a controlling stake in PPF Telecom, alongside the complete purchase of GlassHouse, marks a significant moment for e&. These acquisitions not only enhance the company’s portfolio but also expand its operational footprint to 38 countries.
Hatem Dowidar, the Group Chief Executive Officer, emphasized that these strategic moves will pave the way for e&'s ambition to become a leading global technology provider. By diversifying its offerings into enterprise solutions, fintech, and media and entertainment, e& is poised to embrace the digital transformation ongoing in these sectors.
Strong Subscriber Growth
e& has experienced a significant increase in its subscriber base, witnessing a 6% growth year-on-year, now totaling 177.3 million subscribers worldwide. Notably, e& has also expanded its UAE subscriber base to 14.7 million, reflecting a healthy growth of 5%.
Financial Performance Overview
As part of its financial highlights, e& revealed impressive figures for the third quarter of 2024:
In comparison to Q3 2023, key metrics include:
- Revenue: AED 14.4 billion (up from AED 13.4 billion)
- Net Profit: AED 3 billion (unchanged from the previous year)
- EBITDA: AED 6.5 billion (compared to AED 6.9 billion)
- Earnings per Share: AED 0.34 (same as Q3 2023)
Ambitious Goals Ahead
During the first nine months of 2024, e&’s consolidated net profit rose to AED 8.5 billion, which highlights a 10% growth, showcasing robust performance amidst a competitive landscape.
The EBITDA reached AED 19.4 billion, leading to an impressive EBITDA margin of 45%. The resilience of the telecom EBITDA margin, standing at 49%, demonstrates the company’s operational strength and efficiency.
Looking Towards the Future
Dowidar expressed confidence in the future, stating, "e& is committed to driving the digital agenda, underscoring the UAE's vision for leadership in technological advancement. We will continue investing in innovative infrastructure and forging strategic partnerships to provide cutting-edge digital solutions and services for sustainable growth and transformation."
Frequently Asked Questions
What was e&'s consolidated revenue for Q3 2024?
e& reported consolidated revenue of AED 14.4 billion for Q3 2024, indicating a 10% growth compared to the previous year.
What key acquisitions did e& complete recently?
e& completed the acquisition of a controlling stake in PPF Telecom and fully acquired GlassHouse to enhance its portfolio.
How many subscribers does e& have?
e& boasts a total subscriber base of 177.3 million, with 14.7 million subscribers based in the UAE.
What are the financial highlights for e& in Q3 2024?
The key financial highlights for e& in Q3 2024 include AED 14.4 billion in revenue, AED 3 billion in net profit, and an EBITDA of AED 6.5 billion.
What is e&'s commitment to digital transformation?
e& aims to lead in digital transformation by investing in innovative technologies and infrastructure while pursuing strategic alliances to offer advanced digital services globally.
