e& Group has stated that it hasn’t engaged in any discussions or agreements regarding the potential acquisition of United Group BV, contrary to a media report suggesting otherwise.
The telecommunications firm clarified its position in response to speculations about a potential deal with United Group BV, confirming no negotiations or agreements have been made.
“e& Group Refutes Rumours of Potential United Group Deal”
Regarding e& Group’s growth, its Q1 2024 profit increased by 7 per cent compared to the previous year, reaching Dhs2.3bn, driven by expanding subscriber numbers and partnerships across its sectors.
In the first three months of 2024, the company’s revenues amounted to $3.9B (AED 14.2B), marking a 9 per cent rise from the same period last year. The UAE subscriber base grew by 4.5 per cent annually to 14.5 million, with total subscribers reaching 173 million, up 5 per cent year-on-year.
Mobile subscribers increased by 5.3 per cent annually to 12.8 million, attributed to growth in both prepaid and postpaid segments. Additionally, eLife subscriptions rose by 5.1 per cent annually to 1.2 million subscribers.
In Q1 2024, e& Group and its partners in the Global Telco AI Alliance established a joint venture to develop telco-specific Large Language Models (LLMs) to enhance customer service with advanced AI solutions.
The company intends to invest $6B over the next two years to advance technology and infrastructure development, and to enhance digital solutions in Africa, Asia, and the Middle East.