e& Reports Strong Q3 2024 Earnings and Major Acquisitions
Consolidated Revenue Overview
e& recently announced its Q3 2024 financial results, showcasing a solid consolidated revenue growth of 10% year-over-year, totaling AED 14.4 billion. This positive trend is reflected in the company's overall revenue for the first nine months of 2024, which reached AED 42.7 billion, marking a 9% increase compared to the previous year. Such growth indicates overall resilience and expansion across various business sectors.
Strategic Acquisitions
As part of its strategic initiatives, e& has completed the acquisition of a controlling stake in PPF Telecom along with a full acquisition of GlassHouse. This strategic move not only enhances its portfolio but also significantly expands its operational footprint to 38 countries. The management believes that these acquisitions will play a crucial role in diversifying their offerings and strengthening their brand position globally.
Growth in Subscriber Base
The company's total subscriber base has also experienced a notable increase, growing 6% year-over-year, bringing the total to an impressive 177.3 million subscribers worldwide. In the UAE alone, e&'s subscriber count reached 14.7 million, supported by a 5% growth within the local market. This uptick signifies strong customer retention and the success of its services across different demographics.
Financial Highlights
In terms of financial performance, e& reported a net profit of AED 3 billion for Q3 2024, consistent with the profit it made in Q3 2023. Additionally, the cumulative net profit for the first nine months of 2024 stands at AED 8.5 billion, reflecting a growth of 10%. Furthermore, the company’s EBITDA for this period reached AED 19.4 billion, indicating an EBITDA margin of 45%, demonstrating effective management and operational efficiencies.
Leadership Vision
Hatem Dowidar, the Group Chief Executive Officer of e&, expressed confidence in their continuous growth strategy. He emphasized the completion of key acquisitions and noted how they aim to leverage their combined strengths to foster digital transformation in regions including Europe, Middle East, Asia, and Africa. Dowidar articulated that these efforts are vital in influencing the digital landscape for a broad base of consumers, projecting e& as a pivotal player in the globalization of communication services.
Outlook and Future Plans
e& aims to fulfill its commitment to delivering top-tier services as it navigates its strategic expansions. The company's investments are focused on cutting-edge infrastructure and forming robust partnerships to support sustained digital growth. By adhering to this vision, e& intends to remain at the forefront of the digital revolution.
Frequently Asked Questions
What were the key financial results for e& in Q3 2024?
In Q3 2024, e& reported a consolidated revenue of AED 14.4 billion with a net profit of AED 3 billion.
What acquisitions did e& complete recently?
e& completed the acquisition of a controlling stake in PPF Telecom and 100% of GlassHouse, significantly expanding its global presence.
How did e&'s subscriber base change?
e& experienced a 6% year-over-year increase in its total subscriber base, reaching 177.3 million.
What is e&’s outlook for the digital future?
e& is focused on delivering advanced digital services and driving transformation across global markets, particularly in Europe, Middle East, and Asia.
Who is the CEO of e& and what did he say about growth?
Hatem Dowidar is the CEO, and he highlighted strong revenue growth and the significance of recent acquisitions in expanding business operations.
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