Abu Dhabi – Mubasher: E7 Group logged net profits before tax amounting to AED 100.20 million in the first half (H1) of 2024, higher by 93% than AED 52.02 million in H1-23.
The company’s revenues increased by 5% year-on-year (YoY) to AED 300.79 million in H1-24 from AED 285.96 million, according to the financial results.
Meanwhile, the earnings per share (EPS) dropped by 45% to AED 0.05 in H1-24 from AED 0.08 in H1-23.
Income Results for Q2
During the second quarter (Q2) of 2024, the group recorded 126% YoY higher net profits before tax at AED 71.01 million, compared to AED 31.46 million.
Revenues grew by 10% to AED 174.75 million in April-June 2024 from AED 158.60 million a year earlier, while the EPS plummeted by 36% to AED 0.03 from AED 0.05.
Ahmed Al Shamsi, Chairman of E7 Group, said: “Our impressive 93% increase in net profit before tax and significant EBITDA growth during the quarter reflects our ability to capitalise on these robust economic conditions.”
Ali Saif Ali Abdulla Alnuaimi, CEO of E7 Group, commented: "We secured several significant long-term contracts and expanded our customer base, while also strengthening our long-term partnerships with established Government partners in the UAE and internationally.
“Our planned investments in increasing production capacity and diversifying in the security solutions segment demonstrate our commitment to innovation and expansion and will open opportunities in new geographies,” Alnuaimi indicated.
In 2023, E7 Group posted 10% higher revenues at AED 631.93 million, compared to AED 576.08 million.
