Today's Edition
ABU DHABI (WAM)
E7 Group on Tuesday announced its results for the nine-month period ended September 30, 2024, reporting net profit before tax of Dh180.8 million, up 82 per cent YoY.
In a statement on Tuesday, the company reported that nine-month net profit after tax grew 65 per cent to Dh164.5 million, as the margin expanded to 33 per cent from 21 per cent year-on-year.
Ahmed Al Shamsi, Chairman of E7 Group, said, "E7 delivered another excellent quarter, demonstrating clear progress in the execution of our growth strategy. We continue to see strong growth momentum in niche segments like security solutions, where we plan to invest in significant capacity expansion over the next 12 months, and sustainable packaging."
Ali Saif Ali Abdulla Alnuaimi, Group Chief Executive Officer of E7 Group, said, "Our strong third-quarter results reflect healthy performance across all our business segments. We continue to strengthen our portfolio of long-term client contracts, which enhances the visibility of future revenues."
Revenues in the third quarter of 2024 reached Dh190.9 million, up 7 percent year-on-year. This growth was supported by new client wins in E7's packaging business.
For the first nine months of 2024, E7's revenue reached Dh491.7 million, up 6 per cent from the prior year.
EBITDA margin during the period was stable at 31 per cent, reflecting the benefit of long-term supply agreements and consistently healthy levels of capacity utilisation. In 9M 2024, EBITDA increased by 5 per cent to Dh129.9 million.
Cash and bank balances of Dh1.44 billion at the end of 9M 2024 positions E7 well to invest in strategic growth opportunities.
