E7 Group reveals 93 percent rise in net profit for first half of 2024
Date
8/13/2024 5:30:05 AM
(MENAFN) E7 Group, a publicly traded entity on the Abu Dhabi Securities Exchange, has announced a substantial 93 percent increase in net profits before tax for the first half of 2024, reaching AED 100.2 million. According to the company's statement, net profits after tax for the second quarter and the first half of the year stood at AED 64.5 million (USD17.5 million) and AED 91.1 million (USD24.8 million), respectively.
Chairman Eng. Ahmed Al Shamsi attributed the strong financial performance to the group's robust business model and successful growth strategy. He highlighted that E7 Group is leveraging the UAE's economic growth and the burgeoning security solutions sector, with expansions into sustainable packaging and increased exports of UAE-made products. This strategy is positioning the company to benefit from both regional and global market trends.
CEO Ali Saif Ali Abdullah Al Nuaimi noted that the second quarter saw significant achievements, including securing major long-term contracts, broadening the customer base, and strengthening partnerships with government clients both domestically and internationally. The group reported a 10 percent year-on-year increase in revenues for the second quarter, reaching AED 174.8 million, and a 5 percent year-on-year growth for the first half of the year. At the end of the period, the group's cash and bank balances totaled AED 1.28 billion, providing a solid foundation for future growth and expansion efforts.
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