Revenue at e& rises as subscriber base grows

The UAE telecommunications company e&, formerly known as Etisalat, said revenue rose 10 percent year on year in the third quarter of 2024 amid an increasing subscriber base.

The top line for July to September reached AED14.4 billion ($3.9 billion), compared to AED13.4 billion a year ago.

Net profit remained stable at AED3 billion in the third quarter.

Consolidated revenues for the first nine months recorded AED42.7 billion, growing 9 percent year on year, driven by growth across most verticals.

Net profit for the nine months rose to AED8.5 billion from AED7.7 billion a year ago.

The total subscriber base showed an annual increase of 6 percent, reaching 177.3 million. UAE subscribers reached 14.7 million, up 5 percent year on year.

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Group CEO Hatem Dowidar said the company scaled up its telecom footprint to 20 countries, bringing overall reach to 38 markets.

“This growth, coupled with our solid performance in local and international markets, drove our consolidated net profit,” he said.

e& completed its partnership with PPF Group, acquiring a controlling stake (50 percent plus one economic share) in the service and infrastructure companies of PPF Telecom Group (“PPF Telecom”) across Bulgaria, Hungary, Serbia and Slovakia.