e& Reports Strong Q1 2024 Financial Results with Consolidated Revenue of AED14.2 Billion

e& today disclosed its consolidated financial results for Q1 2024, reporting consolidated revenue of AED14.2 billion, growing 9% year-over-year, while consolidated net profit increased to AED 2.3 billion, a year-over-year growth of 7%.

The group’s consolidated EBITDA reached AED 6.4 billion, growing 3% year-over-year, resulting in an EBITDA margin of 45%.

The number of e& UAE subscribers reached 14.5 million in Q1 2024, while consolidated group subscribers reached 173 million, representing an increase of 5 per cent over the same period last year.

e& reported strong performance across its operations. This was driven by the expansion of partnerships across its verticals and continuous investments in developing critical infrastructure for future readiness.

Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, announced strong Q1 performance, with consolidated net profits of AED 2.3 billion, marking a 7% year-over-year growth. He attributed this success to their progressive business model and strategic partnerships driving digital connectivity.

Hatem Dowidar, Group CEO, highlighted e&'s evolution as a tech company, with Q1 revenue growing by 9% to AED 14.2 billion and consolidated EBITDA reaching AED 6.4 billion, up by 3% year-over-year. He emphasized diversification, brand fortification, and partnerships in their commitment to digital empowerment and shareholder value creation.

e& was named the Fastest Growing Tech Brand and Most Valuable Brand Portfolio in MEA and has continued its growth trajectory exemplified by landmark partnerships, alliances, and large-scale infrastructural developments that position the group as a transformational force.

In Q1, e& and its partners embarked on various initiatives to revolutionize customer service through AI, committing to invest US$6 billion in digital advancement. e& Carrier & Wholesale (C&W) anchored the 2Africa subsea cable and launched the Gulf Gateway Cable (GGC-1) with Ooredoo. They also expanded their Tier III SmartHub data center network and introduced Smart Connect services. Collaborations with Telecom Egypt, Telin, and others aimed to enhance connectivity, while partnerships with Vodafone, Dell Technologies, and Huawei focused on network innovation.

Noteworthy sustainability efforts included deploying electric vehicles and achieving ISO 37001 certification. e& UAE maintained its status as the Strongest Telecom Brand globally and unveiled groundbreaking network upgrades, AI-powered autonomous stores, and strategic collaborations with industry leaders. Evision achieved significant growth, launching new services and partnerships, while e& enterprise continued its digital transformation efforts in healthcare, finance, and public sectors. e& international expanded its Partner Networks Programme, investing in innovative companies through e& capital, positioning itself as a leading investor in technological innovation across MENA.

News Source: Emirates News Agency