E7 Group reports H1 2024 net profit growth of 93%; EBITDA up 4%


ABU DHABI: E7 Group PJSC (‘E7’ or ‘the Group’), a provider of commercial printing, security printing and solutions, sustainable packaging, and distribution services (ADX: E7), today announced its results for the six-month period ended 30 June 2024.

Ahmed Al Shamsi, Chairman of E7 Group, said: ‘E7 Group delivered a strong set of results in Q2, demonstrating the strength of our business model and the ongoing successful execution of our growth strategy. Buoyed by the ambition and growth of the UAE economy and the wider region, we continue to capitalise on the momentum we’ve built in the high-growth security solutions segment and expand in sustainable packaging, exporting more UAE-made products to the world. 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. We’re confident we’ll maintain this momentum and deliver exceptional value to our stakeholders through 2024 and beyond.’

Ali Saif Ali
Abdulla Alnuaimi, Group Chief Executive Officer of E7 Group, said: “Our stellar performance in the second quarter of 2024, including EBITDA growth of 31%, is a testament to our team’s relentless focus on operational excellence and delivering on our strategic growth objectives, across our business. 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. Our ongoing focus on organic and inorganic growth cements our position as a leader

in our sector.’

E7 Group demonstrated robust financial performance in both Q2 and H1 2024. In Q2 2024, the Group delivered 10% year-on-year revenue growth to AED 174.8m, contributing to robust 5% year-on-year growth for H1 2
024. This performance was driven by growth in E7 Security, E7 Printing and E7 Packaging, and the successful execution of new contracts in the UAE and abroad.

According to the company’s statement, EBITDA for Q2 2024 totalled AED 51.9 million, a 31% improvement year-on-year. EBITDA margin in Q2 2024 increased to 30%, compared to 25% in Q2 2023, reflecting E7 Group’s ongoing focus on operational efficiency, while benefiting from raw material cost optimisation and a focus on high-margin product segments. For H1 2024, EBITDA margin stood at 24%, in line with H1 2023.

Net profit before tax increased to AED 71.0 million in Q2 2024, a record increase of 126% year-on-year, with net profit margin nearly doubling to 41% from 20% in Q2 2023. For H1 2024, net profit before tax grew by 93% to AED 100.2 million, with margin significantly increasing from 18% to 33% year-on-year. Net profit after tax for Q2 and H1 was AED 64.5 million and AED 91.1 million respectively.

Source : Emirates News Agency