Yesterday, the E& Group announced its consolidated financial results for the first half of 2024, highlighting a remarkable growth trajectory with consolidated revenues reaching 28.3 billion dirhams. This reflects a 6% annual growth rate compared to the same period last year, showcasing the group's strong performance across all business pillars. The financial results indicate a robust commitment to innovation and customer satisfaction, with the total subscriber base increasing to 175 million, a 6% rise year-over-year. E& Group's net profits also surged by 17%, totaling 5.5 billion dirhams, and the Board approved a progressive stock dividend policy for shareholders, emphasizing the group's focus on sustainable growth and digital transformation. Jassim Al Zaabi, Chairman of the Board, expressed confidence in E&'s ability to adapt and thrive amid market challenges, underlining the importance of advanced services and technologies in driving the digital economy.
In contrast, Snam reported a decline in revenues for the first half of the year, down 6.1% to 1.79 billion euros. Despite this, the adjusted gross operating margin rose by 16.1% to 1.42 billion euros, indicating a solid performance in key financial indicators. The company also saw a significant increase in investments, up 57.9% to approximately 1.2 billion euros, with ongoing projects like the Ravenna regasifier on track for completion in early 2025. CEO Stefano Venier noted that despite the uncertain global context, Snam's results were solid and exceeded expectations, allowing for an upward revision of the guidance for the end of 2024.
