e& has announced its Q3 2024 consolidated financial results, reporting consolidated revenue of AED14.4bn ($3.9bn), growing 10 per cent year-over-year in constant currency, while consolidated revenues for the first nine months of year 2024 recorded AED42.7bn ($11.6bn), growing 9 per cent YoY, reflecting continued growth across most verticals.
e& completed an important milestone by closing the transaction of PPF Telecom that will enhance the group portfolio diversification while it continues to grow its digital services across enterprise solutions, fintech, and media and entertainment sectors.
This diversification will allow it to pursue its strategic ambition of transitioning to a global technology player.
e& quarterly results
e&’s total subscriber base witnessed a YoY increase of 6 per cent, reaching 177.3 million.
The total number of e& UAE subscribers reached 14.7 million, representing a YoY growth of 5 per cent.
Hatem Dowidar, Group Chief Executive Officer, e&, said: “e& continued its strong momentum in the first nine months, with consolidated revenue growing 9 per cent in constant currency to AED42.7bn ($11.6bn).
“We scaled up e&’s telecom footprint to 20 countries, bringing our overall reach to 38 markets. This growth, coupled with our solid performance in both local and international markets, drove our consolidated net profit to reach AED8.5bn ($2.3bn) growing 10 per cent during the first nine months.
“Furthermore, consolidated EBITDA reached AED19.4bn ($5.3bn), resulting in EBITDA margin of 45 per cent, while our telecom EBITDA margin remained resilient at 49 per cent.
“Now that we have completed the acquisition of a controlling stake in PPF Telecom Group, we look forward to the opportunities that will arise as we expand our global horizon, impacting the lives of over 1 billion people across the Middle East, Asia, Africa, and now Central and Eastern Europe—marking our first operational foothold in Europe.
“By combining our expertise with PPF Telecom’s strong local presence, we’re well-positioned to drive digital transformation and empower societies across this region.
“e& remains dedicated to championing the UAE’s leadership vision as the country continues to advance its digital agenda as a role model of digitalisation. Our investment in cutting-edge infrastructure and strategic partnerships will ensure that we continue to deliver futuristic solutions and digital services that drive sustainable progress and transformation.”
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