e& sees nine-month revenue jump 7% to Dh42.7 billion

Net profit increased by 10% to Dh8.5 billion during the nine months ended September

Dubai: e& saw its revenue increase by 7 per cent to Dh42.7 billion, supported by the growth across all verticals, allowing the tech-telecom to approve and distribute an interim dividend per share of 41.5 fils for H1 2024. 

The company reported that its net profit after federal royalty and corporate tax increased by 10 per cent to Dh8.5 billion, with margin of 20 per cent. "EBITDA reached Dh19.4 billion, stable year over year in constant currency with a margin of 45 per cent, while telco margin remained strong at 49 per cent," the firm reported.

"Revenue growth in the third quarter of 2024, driven by robust performances in both the digital and telecom verticals. Specifically, the telecom verticals reported a strong EBITDA margin of 49 per cent despite inflationary pressure across e&’s operational footprint," the company said in a statement.

During the the third quarter, aggregate subscriber base reached 177 million for the firm, representing a year over year increase of 6 per cent, it added.

"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," said Hatem Dowidar, Group Chief Executive Officer of e&.

Meanwhile, operating expenses grew 16 per cent year over year to reach Dh5.2 billion, impacted by the consolidation of the new acquired entities under digital verticals as well as the inflationary pressure across different cost items including higher staff costs, network costs, and other operating expenses. In addition, marketing expenses increased to support revenue growth momentum, it added.