Leading UAE telecom company e& reported a 6% increase in H1 2024 revenue, reaching AED28.3 billion ($7.7 billion), and a 17% rise in net profit to AED5.5 billion ($1.5 billion). The strong performance was driven by innovation and digital transformation, with the subscriber base growing to 175 million.
Zain Bahrain reported H1 2024 revenue of BD38.44 million, a 3.5% increase. Net profit fell 11.9% to BD2.42 million. Q2 net profit rose 2.6% to BD1.35 million, with stable revenue at BD18.93 million. Zain expanded business solutions, led in 5G innovation, and won awards for workforce development and leadership.
e& UAE achieved TM Forum’s Platinum Open API certification, the first in the MENA region to do so for 20 unique APIs. This milestone enhances connectivity, interoperability, and system portability. e& UAE’s Developer Portal offers free access to standardized APIs, fostering innovation. This certification underscores e& UAE’s commitment to digital transformation and technological excellence.
Robi Axiata achieved a 341% year-on-year profit growth in Q2 2023, reaching Tk 1.07 billion, driven by revenue growth and cost efficiency. Despite economic and regulatory challenges, the telecom operator reduced its cost of revenue, expanded its subscriber base, and heavily invested in network improvements, while preparing for future market impacts.
Al Yah Satellite Communications Company (Yahsat) reported a 62% increase in H1 net income to AED269 million, despite a 3% revenue drop. EBITDA surged 25%, driven by growth in key segments. Yahsat’s strong cash position and future contracts secure long-term financial stability amid strategic pivots and upcoming satellite launches.
Maroc Telecom’s H1 2024 results show a 5.1% increase in customers to 78.4 million and a 0.9% rise in revenues, driven by Moov Africa. Mobile Data and Fiber Optics revenues surged, offsetting declines in Morocco. The Group maintains a strong EBITDA margin and significant investments, with stable 2024 forecasts despite litigation impacts.
Zain KSA announced impressive H1 results with a 60% increase in net profit to SAR172 million ($45.8 million) and revenue of SAR5 billion ($1.3 billion). The growth was driven by enhanced customer experience, expanded 5G coverage, and increased demand during the Hajj season, alongside strong sustainability practices.
Egyptian fintech company MNT-Halan has secured US$157.5 million in funding to support its global expansion. Founded in 2018 to provide digital banking solutions for the unbanked, MNT-Halan’s ecosystem includes business lending, consumer finance, and e-commerce. With over 2.2 million active users, the company aims to extend its innovative financial services internationally.
Emirates Integrated Telecommunications Company (EITC) reported a 46.3% increase in Q2 net profit to AED581 million, driven by 7.3% revenue growth. Mobile and fixed customer bases grew, with strong performance in enterprise and consumer products. EBITDA rose by 3.2%, and Capex moderation led to a 10.9% increase in free cash flow.
Leading Saudi telecom group stc has reported solid financial results for the first half of 2024, with a 4.79% increase in revenues, reaching SAR38.25 billion ($10.2 billion). Net profit surged by 7.73% to SAR6.6 billion, driven by growth in customer and carrier revenues, as well as subsidiary performance. The company’s “Dare 2.0” strategy and cost efficiency programs were key factors in achieving these results.
