Financial Highlights

Financial Highlights for Q3 2024

Aggregate Subscriber Base reached 177 million, representing a year over year increase of 6%.
Consolidated Reported Revenues: grew year over year in reported and constant currency with 8% and 10%, respectively, to reach AED 14.4 billion fueled by the growth across e&'s domestic and international operations
Consolidated Reported EBITDA: declined year over year by 4% at constant currency, reaching AED 6.5 billion, resulting in an EBITDA Margin of 45%; adjusting for one-offs in the prior year, EBITDA declined by 1% in constant currency; Meanwhile, EBITDA margin of telecom verticals remained resilient at 49%
Consolidated Net Profit After Royalty: reached AED 3.0 billion, with a net profit margin of 21%
Consolidated Capital Spending: slightly increased year over year by 1% to AED 1.8 billion, resulting in an intensity ratio of 13%, lower by 1pp year over year
Operating Free Cashflow: reached AED 4.7 billion, resulting in a margin of 32%

Key Developments in Q3 2024

e& enterprise UAE Holding Limited (“e& enterprise”), a wholly owned subsidiary of Emirates Telecommunications Group Company PJSC (“e&”), announced that it has successfully completed the acquisition of GlassHouse Bilgi Sistemleri Ticaret Anonim Şirketi (“GlassHouse”) , acquiring a 100% stake for an enterprise value of $60 million on a cash free, debt free basis.
We would like to inform you that as of 2 September, Emirates Telecommunications Group Company PJSC’s "e&" shareholding in Vodafone Group plc "Vodafone" is around 15.010%. The updated shareholding is a result of Vodafone carrying out its share buyback programme, which reduces its total share capital. e&’s total number of shares remains the same at 3,944.7 million shares
Emirates Telecommunications Group Company PJSC “e&” received the European Commission’s (EC) approval to complete e&’s previously announced acquisition of a controlling stake (50% +1 economic Share) in PPF Telecom’s assets in Bulgaria, Hungary, Serbia, and Slovakia (PPF Telecom Group), with commitments from e&. Subsequent to the quarter, (On 24th October 2024), e& announced the completion of the acquisition.
The United Nations Development Programme (UNDP) and e&, signed a cooperation agreement on the sidelines of the 79th session of the UN General Assembly to leverage digital technologies for sustainable development in the Arab States region.
e& UAE has received TM Forum’s coveted Platinum Open API certification, making it the first telecommunications operator in the MENA region to attain this level of accreditation for 20 unique APIs.This certification is designed to foster enhanced connectivity, interoperability, and system portability across the global telecommunications sector.
e& UAE has announced the grand opening of its second AI-powered autonomous store, EASE (e& Autonomous Store Experience), at Dubai Mall. Following the success of its first AI-powered telecom store, a world first launched in 2023 at the Al Kifaf building, e& UAE continues to pioneer the future of retail with this innovative concept, which offers an effortless shopping journey with no wait times.