Leading UAE telecom services company e& has reported consolidated revenue of AED14.2 billion ($3.86 billion) for the first quarter of 2024, up 9% year-on-year, while its consolidated net profit surged by 7% to hit AED2.3 billion ($626 million).

 

Announcing the results for the three-month period ended March 31, 2024, e& said the group’s consolidated ebitda reached AED6.4 billion, growing 3% year-over-year, resulting in an ebitda margin of 45%.

 

The company's UAE subscriber base too posted a 4.5% growth annually to hit 14.5 million while aggregate subscribers rose 5 per cent on an annual basis to 173 million.

 

The mobile subscriber base increased by 5.3% on a yearly basis to 12.8 million mainly due to 'solid year-on-year growth in both the prepaid and postpaid segments', it stated.

 

The number of e& UAE subscribers reached 14.5 million in Q1 2024, while consolidated group subscribers reached 173 million, representing an increase of 5 per cent over the same period last year.

 

Chairman Jassem Mohamed Bu Ataba Alzaabi has reported strong performance across its operations. This was driven by the expansion of partnerships across its verticals and continuous investments in developing critical infrastructure for future readiness.

 

"e& reported strong performance in Q1 with consolidated net profits reaching AED2.3 billion, a growth of 7 per cent year-over-year. This was driven by our focus to build a progressive business model represented by our well-positioned verticals to grow and succeed throughout the year," he stated.

 

"The group’s efforts towards forming new partnerships across the business ecosystem to deploy emerging technologies that drive next-generation digital connectivity has played a significant role in this success journey," noted Alzaabi. 

 

"We are pushing the boundaries of technology, empowering millions of people with innovative solutions and making breakthroughs in supporting the UAE's well-defined vision for digital transformation," he added.

 

Group CEO Hatem Dowidar said: "Our evolution as a tech-co that embraces the future is reflected in our Q1 financial results, building on the momentum of last year’s success."

 

"e&’s robust performance in Q1, with consolidated revenue growth of 9 per cent to AED14.2 billion while consolidated ebitda reached AED6.4 billion, growing 3 per cent year-over-year," stated Dowidar.

 

"This is a testament of the strategic choices we’ve made in diversifying our portfolio, fortifying our brand, and cementing partnerships in our unrelenting efforts to digitally empower the people and communities we serve while maximising value creation for our shareholders," he added.-TradeArabia News Service