e& has reported robust financial results for Q3 2024, with consolidated revenues reaching AED14.4 billion, marking a 10% year-over-year growth in constant currency terms. For the first nine months, consolidated revenues stood at AED42.7 billion, a 9% increase year-over-year, demonstrating sustained growth across various business verticals.
A significant development this quarter was e&’s strategic acquisition of a controlling stake in PPF Telecom Group’s service and infrastructure companies across Bulgaria, Hungary, Serbia, and Slovakia. This acquisition is a key component of e&’s global expansion strategy, enhancing its portfolio diversification and reinforcing its evolution into a global technology leader. The move is anticipated to bolster e&’s offerings in digital services, spanning enterprise solutions, fintech, and media and entertainment.
The company’s subscriber base has also seen positive growth, with a 6% year-over-year increase, totaling 177.3 million. Specifically, the e& UAE segment reported a 5% growth, bringing its total to 14.7 million subscribers.
Hatem Dowidar, Group Chief Executive Officer of e&, commented on the results: “Our continued strong performance in the first nine months reflects our strategic initiatives and expansion, with our telecom footprint now extending to 20 countries across 38 markets. This expansion has propelled our consolidated net profit to AED8.5 billion, a 10% increase, with a consolidated EBITDA of AED19.4 billion and an EBITDA margin of 45%, maintaining a resilient telecom EBITDA margin at 49%.”
Dowidar further noted the strategic benefits of the PPF Telecom acquisition, expressing enthusiasm about e&’s enhanced global presence which now includes a significant foothold in Central and Eastern Europe. He emphasized the potential for driving digital transformation and empowering societies in the newly included regions.
Dowidar also reiterated e&’s commitment to supporting the UAE’s vision for digital leadership, highlighting ongoing investments in cutting-edge infrastructure and strategic partnerships aimed at delivering innovative digital solutions.
Additional key developments include a $1 billion agreement with Amazon Web Services to accelerate digital transformation in the MENA region and a collaboration with the United Nations Development Programme to enhance digital inclusion. e& has also joined the GSMA’s Responsible AI Maturity Roadmap and entered into a research partnership with Nokia Bell Labs to develop AI-driven industrial solutions.
For the UAE market, e& opened a second AI-powered autonomous store in Dubai Mall and launched several new services, including the Fibre-To-The-Room and an instant eSIM offering. It also achieved Platinum status in TM Forum’s Open API certification, becoming the first MENA telecom operator to reach this accreditation level.
e& enterprise recorded significant achievements with the complete acquisition of GlassHouse, the launch of the Utility Co-Pilot in the Microsoft Marketplace, and a successful digital transformation consultancy for Emirates Transport.
In consumer digital services, e& life reported substantial growth, particularly in fintech with e& money tripling its Gross Transaction Volume and expanding its user base significantly. Careem saw a remarkable increase in its Gross Transaction Volume, reflecting high user engagement, while Starz On became the top downloaded SVOD/AVOD app in the GCC since its launch earlier this year.
These strategic moves and performance metrics underscore e&’s ongoing growth trajectory and its proactive approach to seizing opportunities in the evolving digital landscape.
