UAE Equity Research - E7 Group 3Q24 - Earnings Call Insight
E7 Group’s revenue rose 7.5% YOY from AED 178 Mn in 3Q23 to AED 191 Mn in 3Q24 primarily driven by new client wins mainly in the E7 packaging business. Direct cost increased 5.4% YOY to AED 123 Mn in 3Q24. Thus, gross profit increased 11.5% YOY to AED 68 Mn in 3Q24 with a gross profit margin expansion of 128 bps YOY to 35.8%.