Eand Reports AED 14.4 Billion Revenue in Q3 2024.

DUBAI: Eand today announced its Q3 2024 consolidated financial results, reporting consolidated revenue of AED 14.4 billion, marking a 10 percent year-over-year growth in constant currency. Consolidated revenues for the first nine months of 2024 reached AED 42.7 billion, reflecting a 9 percent increase year-over-year, indicating sustained growth across various sectors. According to Emirates News Agency, eand achieved a significant milestone by closing the transaction of PPF Telecom, aimed at enhancing the group's portfolio diversification while expanding its digital services across enterprise solutions, fintech, and media and entertainment sectors. This diversification aligns with its strategic ambition to transition into a global technology player. Eand's total subscriber base experienced a 6 percent year-over-year increase, totaling 177.3 million, with the UAE subscriber base reaching 14.7 million, a 5 percent growth year-over-year. Hatem Dowidar, Group Chief Executive Officer of eand, stated, "eand contin ued its strong momentum in the first nine months, with consolidated revenue growing 9 percent in constant currency. We scaled up eand's telecom footprint to 20 countries, expanding our reach to 38 markets. This growth, along with robust performance in local and international markets, propelled our net profit to AED 8.5 billion, a 10 percent increase. Additionally, consolidated EBITDA reached AED 19.4 billion, with an EBITDA margin of 45 percent, while the telecom EBITDA margin was resilient at 49 percent." Dowidar added, "With the acquisition of a controlling stake in PPF Telecom Group complete, we anticipate new opportunities as we expand globally, impacting over 1 billion people across the Middle East, Asia, Africa, and now Central and Eastern Europe. By combining our expertise with PPF Telecom's strong local presence, we're set to drive digital transformation and empower societies across this region." He concluded by emphasizing eand's dedication to supporting the UAE's leadership vision in advancing its digital agenda, investing in cutting-edge infrastructure, and forming strategic partnerships to deliver futuristic solutions and digital services that drive sustainable progress and transformation.