ABU DHABI - E7 Group PJSC, listed on Abu Dhabi Securities Exchange (ADX), today announced its results for the three months ended 31st March 2024, and it's refreshed growth strategy.

In a statement on Tuesday, the Group reported net profit before tax of AED29.2 million, an increase of 42% year-on-year.

E7 Group delivered stable revenue performance on a year-on-year basis, with revenue broadly flat to AED126.0 million, and EBITDA for the period increased to AED18.9 million.

The Group expects that EBITDA will improve throughout the year due to the phasing of delivery plans, particularly within the commercial printing segment.

The net profit margin improved to 23%, up from the 16% achieved in Q1 2023. Operational net profit increased 29% to AED26.6 million, with a 21% operational net profit margin.

Ahmed Al Shamsi, Chairman of E7 Group, said, "E7 Group experienced another strong trading period in the first quarter, enabled by continued economic growth across the UAE and increased demand for our expanding suite of products. Importantly, we continue to see interest in our UAE-made products from international customers, which is a testament to E7's reputation of successful delivery for customers in the UAE and abroad."

He added that the new growth strategy lays the foundation for sustainable profit growth, particularly in security solutions and sustainable packaging, as well as delivering superior customer service that drives customers.

Ali Saif Ali Abdulla Alnuaimi, Chief Executive Officer of E7 Group, said, "During the quarter we secured several key long-term target contracts in our security solutions, sustainable packaging and commercial printing segments, while also delivering improved operational efficiencies across the Group. We continue to explore opportunities for organic and inorganic expansion in areas that will complement our existing product mix and broaden our offer for current and prospective customers."