e& completes acquisition of controlling stake in PPF Telecom and 100% acquisition of GlassHouse, increasing its footprint to 38 international locations

ABU DHABI, UAE, Oct. 30, 2024 /PRNewswire/ — e& as of late introduced its Q3 2024 consolidated monetary effects, reporting consolidated income of AED 14.4 billion, rising 10 in keeping with cent year-over-year in consistent foreign money, hour consolidated revenues for the primary 9 months of 12 months 2024 recorded AED 42.7 billion, rising 9 in keeping with cent YoY, reflecting persevered enlargement throughout maximum verticals.

e& finished an remarkable milestone through extreme the transaction of PPF Telecom that can improve the crowd portfolio diversification hour it continues to develop its virtual products and services throughout undertaking answers, fintech, and media and leisure sectors. This diversification will permit it to pursue its strategic ambition of transitioning to an international era participant.

e&’s general subscriber bottom witnessed a YoY build up of 6 in keeping with cent, achieving 177.3 million. The whole choice of e& UAE subscribers reached 14.7 million, representing a YoY enlargement of five in keeping with cent. 

Monetary Highlights 

Hatem Dowidar, Workforce Leading Government Officer, e&, stated: “e& continued its strong momentum in the first nine months, with consolidated revenue growing 9 per cent in constant currency to AED 42.7 billion.

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 per cent during the first nine months. Furthermore, consolidated EBITDA reached AED 19.4 billion, resulting in EBITDA margin of 45 per cent, while our telecom EBITDA margin remained resilient at 49%”.

“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,” added Dowidar.

He concluded, “e& 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.”

Media Contacts – Nancy Sudheer, Senior Supervisor at e&, [email protected] 

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SOURCE e&

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