e& has posted a first-quarter 2024 consolidated net profits of AED2.3 billion ($630 million), a growth of 7% year-over-year and consolidated revenue of AED14.2 billion, up 9% y-o-y.

 

The group’s consolidated EBITDA reached AED6.4 billion, growing 3% year-over-year, resulting in an EBITDA margin of 45%, a WAM report said.

 

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% over the same period last year.

 

Strong performance

e& 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.

 

Jassem Mohamed Bu Ataba Alzaabi, Chairman of e& said: “e&’s strong performance was driven by our focus to build a progressive business model represented by our well-positioned verticals to grow and succeed throughout the year. 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. 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.”

 

Hatem Dowidar, Group Chief Executive Officer of e&, 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 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.”

 

Fastest Growing Tech Brand

e& was named the Fastest Growing Tech Brand and Most Valuable Brand Portfolio in MEA and has continued its growth trajectory exemplified by landmark partnerships, alliances, and large-scale infrastructural developments that position the group as a transformational force.

 

In Q1 e& and its partners in the Global Telco AI Alliance announced a joint venture to develop telco-specific Large Language Models (LLMs) to revolutionise customer service through advanced AI solutions. e& also made a commitment to the International Telecommunication Union’s (ITU) Partner2Connect Digital Coalition, pledging to invest $6 billion between 2024 and 2026 in technological advancement, infrastructure development, and innovative digital solutions to extend meaningful connectivity to communities across its markets.

 

e& Carrier & Wholesale (C&W) has made advancements in accelerating the growth of connectivity with milestone agreements in the subsea cable space. C&W is set to anchor the 2Africa subsea cable, marking the most extensive subsea cable system landing in the UAE to date. 

 

Gulf Gateway Cable

A collaboration with Ooredoo will introduce the Gulf Gateway Cable (GGC-1), connecting data centres in Abu Dhabi and Doha while facilitating seamless communication and data exchange. In addition, C&W launched the region’s first Smart Connect (Bandwidth on Demand) service.

 

e&, Telecom Egypt, Telin and a major Indian operator formed a consortium to develop the ICE IV Project to seamlessly connect the Intra Asia region to India and the Middle East. e& expanded its Tier III SmartHub data centre network to Abu Dhabi, providing state-of-the-art infrastructure and connectivity to support the entire region’s digital ecosystem.

 

e& C&W launched a one-stop-shop solution with a new wholesale service model empowering emerging network operators with fully managed services, giving them access to the entire value chain, including Bilateral Roaming Services, Roaming as a Service (RaaS), Voice Gateway Services, A2P Gateway services, and Data connectivity for faster internet access.

 

Evolving voice landscape

e& and Vodafone joined forces to empower other operators to confidently adapt to the evolving voice landscape with cross-border managed voice solutions. e& and Dell Technologies partnered to support and strengthen e&’s mobile networks transition to open technologies. In addition, e& and Huawei signed an agreement that will see both entities collaborating on developing green and energy-efficient networks in the UAE.

 

Setting a new precedent in the UAE’s journey towards net-zero carbon emissions, e& also continued its sustainability efforts by partnering with Al-Futtaim Electric Mobility Company to deploy a fleet of 100 BYD electric vehicles (EVs).

 

Recognising that its people are central to its success, e& consistently invests in fostering a positive and supportive work environment and was recognised as a ‘Great Place to Work’.--TradeArabia News Service