ABU DHABI: eand today, Wednesday, announced its Q3 2024 consolidated financial results, reporting consolidated revenue of AED 14.4 billion, growing 10 percent year-over-year (YoY) in constant currency.
Consolidated revenues for the first nine months of year 2024 recorded AED 42.7 billion, growing 9 percent YoY, reflecting continued growth across most verticals.
eand completed an important milestone by closing the transaction of PPF Telecom that will enhance the group portfolio diversification while it continues to grow its digital services across enterprise solutions, fintech, and media and entertainment sectors. This diversification will allow it to pursue its strategic ambition of transitioning to a global technology player.
eand’s total subscriber base witnessed a YoY increase of 6 percent, reaching 177.3 million. The total number of eand UAE subscribers reached 14.7 million, representing a YoY growth of 5 percent.
Hatem Dowidar, Group Chief Executive Officer, eand, said, “eand continued its strong mom
entum in the first nine months, with consolidated revenue growing 9 percent in constant currency to AED 42.7 billion. We scaled up eand’s telecom footprint to 20 countries, bringing our overall reach to 38 markets. This growth, coupled with our solid performance in both local and international markets, drove our consolidated net profit to reach AED 8.5 billion growing 10 percent during the first nine months. Furthermore, consolidated EBITDA reached AED 19.4 billion, resulting in EBITDA margin of 45 percent, while our telecom EBITDA margin remained resilient at 49 percent.”
‘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,’ Dowidar added.
He concluded, ‘eand remains dedicated to championing the UAE’s leadership vision as the country continues to advance its digital agenda as a role model of digitalisation. Our investment in cutting-edge infrastructure and strategic partnerships will ensure that we continue to deliver futuristic solutions and digital services that drive sustainable progress and transformation.’
Source: Emirates News Agency