e& announced its Q3 2024 consolidated financial results, reporting consolidated revenue of AED 14.4 billion, growing 10% year-over-year (YoY) in constant currency, while consolidated revenues for the first nine months of year 2024 reached AED 42.7 billion, growing 9% YoY, reflecting continued growth across most verticals.
e& completed an important milestone by acquiring a controlling stake (50% plus one economic share) in PPF Telecom, consequently enhancing the group’s portfolio diversification while facilitating the growth of its digital services across its 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.
Notably, e&’s total subscriber base witnessed a YoY increase of 6%, reaching 177.3 million, while the total number of e& UAE subscribers reached 14.7 million, representing a YoY growth of 5%.
Q3 Financial Highlights
Commenting on the company’s strong momentum within the first nine months of 2024, Hatem Dowidar, Group Chief Executive Officer, e&, said, “We scaled up e&’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% during the first nine months. Furthermore, consolidated EBITDA reached AED 19.4 billion, resulting in EBITDA margin of 45%, while our telecom EBITDA margin remained resilient at 49%.”
Following the completed acquisition of a controlling stake in PPF Telecom Group, e& Group marks its “first operational foothold in Europe,” and by combining its expertise with PPF Telecom's strong local presence, e& is “well-positioned to drive digital transformation and empower societies across this region,” added Dowidar.
“e& remains dedicated to championing the UAE’s leadership vision as the country continues to advance its digital agenda as a role model of digitalization. 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,” concluded Dowidar.
Key Operational Highlights
e&
e& has significantly expanded its global presence by acquiring a controlling stake in PPF Telecom Group's companies in Bulgaria, Hungary, Serbia, and Slovakia, bringing its footprint to 38 countries and serving over 10 million customers across Central and Eastern Europe. The company also signed a USD 1 billion agreement with Amazon Web Services (AWS) to advance cloud-driven innovation in the Middle East, with a commitment to train 60,000 individuals in cloud and AI technologies.
Furthering its sustainability and inclusion goals, e& partnered with the UNDP to promote digital access in the Arab States and became one of the first telecom operators to adopt the GSMA's Responsible AI Maturity Roadmap. Additionally, e& has entered a year-long research partnership with Nokia Bell Labs to develop AI solutions for sustainable industrial applications, aiming to accelerate innovation in responsible AI use cases for strategic industries.
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e& UAE
e& UAE has enhanced customer experience and connectivity with the launch of its second AI-powered autonomous store, EASE, at the Dubai Mall, offering seamless shopping with biometric FastPass access. The telco also introduced a Fiber-to-the-Room (FTTR) service to improve high-speed internet for tech users, and a self-activated eSIM that provides visitors with instant connectivity upon arrival via a QR code and facial recognition, eliminating queues.
Achieving Platinum status in TM Forum’s Open API certification, e& became the first telco in MENA to secure this accreditation for 20 APIs. Furthermore, the new "Smiles Unlimited" subscription integrates rewards like free deliveries and exclusive offers, and 'Care Plus' offers tailored support services for business customers.
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e& enterprise
e& enterprise has bolstered its international growth and cloud service capabilities with the full acquisition of Türkiye’s GlassHouse, a leader in managed cloud and SAP services, enhancing its expertise in the banking and financial sector. This acquisition builds on e& enterprise’s strategic expansions into Saudi Arabia, Egypt, Türkiye, Qatar, and South Africa.
It also introduced the Utility Co-Pilot, a Generative AI-powered virtual assistant for utilities in the Microsoft Marketplace, aimed at boosting utility management efficiency. Additionally, e& enterprise completed a consulting engagement with Emirates Transport, establishing a digital transformation roadmap. Beehive, a partner of e&, also achieved AED 3 billion in SME funding within the GCC, with its ADCB partnership reinforcing its role in the financial services sector.
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e& life
e& life reported strong growth across its consumer digital verticals, with e& money tripling its Gross Transaction Volume (GTV) and expanding remittance GTV by 2.4 times year-over-year, issuing 703,000 cards and reaching 1.29 million registered users.
Careem saw GTV rise by 177% and GTV per user by 122% in Q3 2024, with over half of its active users subscribed to Careem Plus. On the other hand, STARZ ON has rapidly gained traction in the GCC streaming market, achieving over 4.1 million installs and 1.44 million active users since January 2024. Through evision, STARZ ON secured premium content, including The History Channel, and exclusively aired the ICC Cricket World Cup in MENA.
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e& international
In Pakistan, Upaisa, the digital financial arm of Ubank and Ufone, launched a Mastercard debit card to enhance digital transaction convenience and security for local and international use, supporting the country's digital economy.
PTCL also introduced Pakistan’s first AI-powered customer service platform with STech.ai, elevating digital service standards, while its FTTH service, PTCL Flash Fiber, surpassed 600,000 subscribers. In Egypt, e& egypt signed an agreement with Modon Holding to develop advanced smart city infrastructure for the Ras El-Hekma project on the Mediterranean coast.
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e& capital
e& capital and AT&T Ventures announced a strategic investment in Derq, the leading provider of real-time, AI-powered, intelligent transportation system (ITS) solutions. The investments will be used to expand Derq’s activities in the U.S., GCC, and beyond, accelerate the company’s investments in product development, and grow its intellectual property (IP) portfolio.
