e& announced its Q3 2024 financial results today, highlighting a significant increase in revenue and subscriber growth.
The group reported consolidated revenue of AED 14.4 billion for the quarter, marking a 10 percent year-over-year (YoY) growth in constant currency. Cumulatively, revenues for the first nine months of 2024 reached AED 42.7 billion, reflecting a 9 percent YoY increase due to strong performance across key verticals.
A key milestone for e& this quarter was the successful acquisition of PPF Telecom, a move aimed at broadening its portfolio and advancing its global technology ambitions. This strategic acquisition enhances e&’s reach across Central and Eastern Europe, adding to its established presence across the Middle East, Asia, and Africa.
e&’s subscriber base rose by 6 percent YoY, totaling 177.3 million, with UAE subscribers reaching 14.7 million, a 5 percent increase from last year.
Hatem Dowidar, Group CEO of e&, commented,
“With our footprint expanded to 38 markets, we saw consolidated net profit rise to AED 8.5 billion, reflecting a 10 percent growth for the first nine months. Our recent acquisition of PPF Telecom positions us strongly to drive digital transformation across Europe, impacting over 1 billion people.”
Dowidar emphasized e&’s dedication to the UAE’s digitalization agenda, adding,
“Our commitment to innovation and strategic partnerships ensures that we continue to deliver advanced digital solutions and sustainable growth.”
This solid performance and strategic expansion underscore e&’s commitment to becoming a leading global technology player, with a continued focus on digital services across telecom, fintech, and media sectors.
News Source: Emirates News Agency
