During Q1, Evision demonstrated significant growth, reaching a milestone of over 5.5m users.
E&, the prominent telecommunications and media conglomerate, has reported consolidated revenue of AED 14.2bn ($3.87bn), marking a substantial 9% year-over-year increase. Moreover, consolidated net profit surged to AED 2.3bn ($0.63bn), reflecting a noteworthy 7% year-over-year growth. The group’s consolidated EBITDA also saw a positive trend, reaching AED 6.4bn ($1.74bn), a 3% year-over-year increase, resulting in an EBITDA margin of 45%.
In terms of subscriber base, e& witnessed significant expansion, with the number of e& UAE subscribers reaching 14.5m in Q1 2024. The consolidated group subscribers also experienced a commendable growth, reaching 173m, marking a 5% increase over the same period last year.
Speaking about the financial result, H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&, said: “e& reported strong performance in Q1 with consolidated net profits reaching AED 2.3bn, a growth of 7% year-over-year. This was driven by our focus to build a progressive business model represented by our well-positioned verticals to grow and succeed throughout the year. The group’s efforts towards forming new partnerships across the business ecosystem to deploy emerging technologies that drive next-generation digital connectivity has played a significant role in this success journey. We are pushing the boundaries of technology, empowering millions of people with innovative solutions and making breakthroughs in supporting the UAE’s well-defined vision for digital transformation.”
Hatem Dowidar, Group Chief Executive Officer of e&, added: “Our evolution as a tech-co that embraces the future is reflected in our Q1 financial results, building on the momentum of last year’s success. e&’s robust performance in Q1, with consolidated revenue growth of 9% to AED 14.2bn while consolidated EBITDA reached AED 6.4bn, growing 3% year-over-year. This is a testament of the strategic choices we’ve made in diversifying our portfolio, fortifying our brand, and cementing partnerships in our unrelenting efforts to digitally empower the people and communities we serve while maximising value creation for our shareholders.”
During Q1, e& life, adhering to its philosophy of “simplicity being the ultimate sophistication,” unveiled a refreshed design of the e& money financial app. This app, touted as the number one native fintech app in the UAE based on monthly active users, aims to provide a seamless financial experience for its users.
Evision, a subsidiary of e& focusing on media and entertainment, showcased remarkable progress in Q1 2024. With a focus on meeting the diverse demands of the MENA audience, Evision bolstered its content library and surpassed a milestone of 5.5m users. The success of STARZ ON, evision’s ad-supported streaming platform launched last year in the MENA region, contributed significantly to this achievement.
Furthermore, Evision solidified its position as a major provider of world-class entertainment in MENA by introducing Red Bull TV and ‘DAZN Combat’ on STARZ ON, catering to sports enthusiasts with the best of boxing, MMA, and other combat sports. Additionally, STARZ ON offered live coverage of the 2024 Women’s Premier League cricket tournament, further enhancing its appeal to sports aficionados.
Evision also expanded its strategic collaboration with Disney Star, bringing the best of South Asian entertainment to MENA audiences. This partnership includes securing four-year MENA exclusive ICC cricket rights and becoming the home of Hotstar Specials in the region, aligning with the company’s objective of offering diverse and engaging content to its viewers.
In a move to bolster its position as a major consumer ecosystem player, evision partnered with Cricbuzz to revolutionise cricket broadcasting in the Middle East. Moreover, Evision renewed direct Hollywood studio deals with Sony Pictures and MGM Amazon for SVOD, emphasising its commitment to delivering high-quality entertainment to MENA audiences.
Additionally, Evision enhanced its Arabic content portfolio through a strategic partnership with Noor Play, offering an array of Ramadan content across e& platforms, including Egyptian drama, Turkish programming, sports, cooking, and children’s content.
In a bid to revolutionise customer service, e& and its partners in the Global Telco AI Alliance have announced a joint venture to develop telco-specific Large Language Models (LLMs) using advanced AI solutions. Additionally, e& has pledged to invest $6bn between 2024 and 2026 in technological advancement and infrastructure development as part of the International Telecommunication Union’s Partner2Connect Digital Coalition.
E& Carrier & Wholesale (C&W) has made significant strides in accelerating connectivity, anchoring the 2Africa subsea cable in the UAE and collaborating with Ooredoo to introduce the Gulf Gateway Cable (GGC-1). Furthermore, C&W launched the region’s first Smart Connect service, enhancing data exchange capabilities.
In collaboration with Telecom Egypt, Telin, and a major Indian operator, e& formed a consortium to develop the ICE IV Project, aiming to seamlessly connect the Intra Asia region to India and the Middle East. Moreover, e& expanded its Tier III SmartHub data centre network to Abu Dhabi, providing cutting-edge infrastructure and connectivity.
E& C&W launched a comprehensive wholesale service model, empowering emerging network operators with fully managed services, including Bilateral Roaming Services and Data connectivity.
In strategic alliances, e& partnered with Vodafone to offer cross-border managed voice solutions and with Dell Technologies to support mobile networks’ transition to open technologies. Additionally, an agreement with Huawei will focus on developing green and energy-efficient networks in the UAE.
Addressing sustainability, e& partnered with Al-Futtaim Electric Mobility Company to deploy a fleet of 100 BYD electric vehicles (EVs), contributing to the UAE’s net-zero carbon emissions goals.
Recognising its workforce’s importance, e& was recognized as a ‘Great Place to Work’.
E& UAE maintained its position as the Strongest Telecom Brand in the World in 2024 and received the ISO 37001:2016 Anti-Bribery Management System certification.
Pioneering network technology, e& UAE completed multiple cloud Radio Access Network trials and announced a network upgrade capability delivering speeds of up to 50Gbps. Additionally, it inaugurated the AI-empowered autonomous telecom store, ‘EASE,’ in Dubai Mall.
Collaborations with industry leaders like Cisco, Ericsson, and Nokia aim to enhance network capabilities and customer experiences through advanced technologies.
E& enterprise partnered with Daman to launch the “Hayakom Digital Booth,” aimed at redefining health insurance accessibility. Collaborations with Burjeel Holdings and Fils promote transformative approaches to healthcare and digital payments.
Partnerships with SAS and the King Abdullah Financial District (KAFD) underscore e& enterprise’s commitment to AI-powered innovations and advancing Saudi Arabia’s digital future.
Haifin, the freshly rebranded trade finance blockchain platform of e& enterprise, announced its broader vision to expand beyond the UAE where, in 2023, it evaluated over AED 116bn ($31.58bn) worth of transactions, representing close to 70 per cent year-on-year growth.
E& international expanded its Partner Networks Programme, welcoming Ncell Nepal and Sudatel as partners. PTCL emerged as the market leader in Fibre-to-the-Home services in Pakistan, showcasing its robust infrastructure and innovative offerings.
E& capital has invested over $100m in high-growth, technologically innovative companies, fostering disruption and driving value across MENA and beyond.
With a commitment to sourcing and supporting innovative founders, e& capital continues to be at the forefront of technological innovation and investment in the region.
