Net profits "E7" Before tax rises 42% in the first quarter
ABU DHABI, 14TH MAY/WAM/ The E7 Group, listed on the Abu Dhabi Stock Exchange, announced today its financial results for the first quarter of this year. The group also launched its new growth strategy, which aims to improve its performance, putting it on the path to a new phase of growth.
The group said, in a statement today, that its net profits before tax deduction amounted to 29.2 million dirhams in the first quarter of this year, an increase of 42% on an annual basis.
The group’s revenues stabilized in the first quarter to reach 126 million dirhams, and earnings before interest, taxes, depreciation and amortization increased to reach 18.9 million dirhams.
The Group expects the Group’s EBITDA to improve during the year, driven by plans to gradually implement contracts, especially in the commercial printing sector.
The net profit margin reached 23%, an increase of 16% over the first quarter of 2023. Net operating profits increased by 29% to reach 26.6 million dirhams, with a margin of 21%.
Engineer Ahmed Al Shamsi, Chairman of the Board of Directors of E7 Group, said that the group witnessed strong trading in the first quarter, thanks to the continued economic growth throughout the country, and in light of the growing demand for its products. It is expected that the new growth strategy will contribute to laying the foundations for achieving sustainable growth in profits, especially In the field of security solutions and sustainable packaging.
For his part, Ali Saif Ali Abdullah Al Nuaimi, CEO of E7, said that the group succeeded during the first quarter in winning several major long-term contracts in its security solutions sectors and its sustainable commercial packaging and printing sectors, and was able to provide high operational efficiencies in all areas of the group. The group will continue to explore expansion opportunities, whether through enhancing revenues or through acquisitions in areas that can contribute to diversifying current products and expanding the range of offers to current and potential customers.
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