E7 Group PJSC

Abu Dhabi-based E7 Group has announced a net profit before tax growth of 42% year-on-year in Q1 2024. The company, which provides commercial printing, security printing and solutions, sustainable packaging, and distribution services, attributes the strong trading period to continued economic growth in the UAE and increased demand for its expanding product suite. E7 Group's revenue remained stable year-on-year, with a slight 1% decrease to AED 126.0m due to a revised delivery schedule for a key contract. However, it expects EBITDA to improve throughout the year due to the phasing of delivery plans. The company also unveiled a new growth strategy aimed at sustainable profit growth, improved customer service, and diversification into high-value adjacent verticals.

The text is a review report and condensed consolidated interim financial information for E7 GROUP P.J.S.C. This report covers the financial performance of the company for the three-month period ending on 31 March 2024.

The Abu Dhabi Securities Exchange (ADX) has issued a circular (19/2024) announcing a temporary suspension of trading on E7 Group shares. This follows the results of the E7 Group Company's General Assembly Meeting on 24/04/2024, where approval was given for the company's share split in line with Article (10/11) of the Listing and Disclosure Rules of the Operating Market. The trading suspension will take place on Friday, 03 May 2024 and Monday, 06 May 2024 due to the entitlement date of the Bank's shares split on 02/05/2024. Trading is expected to resume on Tuesday, 07 May 2024.

E7 Group has entered into a strategic partnership with German identity and security systems manufacturer, Diletta Maschinentechik GmbH. Under the Memorandum of Understanding (MoU), E7 will provide high-security document production services for Diletta's clients, while Diletta will promote E7's products to its customer base. This partnership is a significant step in E7's global growth strategy, extending its reach beyond the 25 countries it currently serves. It aligns with the company's ambition to expand through customer acquisition, partnerships, joint ventures, and mergers and acquisitions. The partnership is expected to unlock new customer and market opportunities for E7, particularly in Europe.

The Chief Executive of the Abu Dhabi Securities Exchange has issued Resolution No. (390) to suspend the trading of E7 Group PJSC shares effective from 3-May-2024 until further notice. This is in accordance with Articles No. (10/11) & No. (38) of the Abu Dhabi Securities Exchange Listing and Disclosure Rules. All departments of the Abu Dhabi Securities Exchange are required to implement this resolution. This resolution will be circulated to the respective company, brokers and will be effective from the issuance date, which is 3-May-2024.

The E7 Group PJSC held its Annual General Assembly Meeting on 24 April 2024. The meeting was chaired by H.E. Eng. Ahmed Sulaiman Khalfan Salem Alshamsi, Chairman of the Board of Directors, and achieved a quorum of 55.49%. The assembly approved all ordinary resolutions, including the Board of Directors' report on the company's activities and financial position for 2023, the external auditors' report, and the company's balance sheet and profit and loss account for 2023. The assembly also approved the board's recommendation of no cash dividends distribution and no payment of remuneration to the board for 2023. The board and auditors were discharged from liability for their 2023 activities. Lastly, the assembly approved the auditors’ additional fees for 2023, totalling USD 130,200 plus any applicable VAT.