e& today announced its Q3 2024 consolidated financial results, reporting consolidated revenue of AED14.4 billion ($3.92 billion), up 10 per cent year-over-year in constant currency. Consolidated revenues for the first nine months of year 2024 stood at AED42.7 billion, up 9 per cent YoY, reflecting continued growth across most verticals.
Q3 net profit stood at AED3 billion, and AED8.5 billion for the first nine months of the year.
e&’s total subscriber base saw a 6 percent YoY increase, reaching 177.3 million. Meanwhile, the total number of e& UAE subscribers reached 14.7 million, a YoY growth of 5 per cent.
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“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 AED8.5 billion growing 10 per cent during the first nine months. Furthermore, consolidated EBITDA reached AED19.4 billion, resulting in EBITDA margin of 45 per cent, while our telecom EBITDA margin remained resilient at 49 percent,” said e& group CEO Hatem Dowidar.
PPF Telecom transaction
e& completed an important milestone by closing the transaction of PPF Telecom, which 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.
“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 one 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,” added Dowidar.
Key deals
e& successfully completed its landmark partnership with PPF Group, acquiring a controlling stake (50 per cent plus one economic share) in the service and infrastructure companies of PPF Telecom Group across Bulgaria, Hungary, Serbia and Slovakia. This acquisition marks a significant step in e&’s ongoing global expansion ambitions, diversifying and growing its geographical presence to 38 countries. This milestone will transform the telecom landscape in the Central and Eastern Europe (CEE) region and deliver enhanced value to over 10 million customers across the four markets.
Moreover, e& signed a $1 billion-plus agreement with Amazon Web Services (AWS) over the next six years to accelerate the impact of cloud-driven innovation and digital transformation across the Middle East region. The alliance will focus on delivering core cloud services like storage, computing, networking, cybersecurity, and AI and machine learning (ML). Part of this investment will be dedicated to training and certifying up to 60,000 individuals — including 6,000 UAE nationals — in cloud technologies and AI.
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