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E7 Group turns to AED 51m losses in 2023

E7 Group turns to AED 51m losses in 2023
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E7 Group
ADC
-2.70% 1.08 -0.03

Abu Dhabi – Mubasher: E7 Group, previously known as ADC Acquisition Corporation, shifted to net losses valued at AED 51.10 million in 2023, against net profits worth AED 67.95 million in 2022.

Loss per share hit AED 0.61 in 2023, compared to earnings per share (EPS) of AED 1 a year earlier, according to the unaudited financial results.

The group recorded a 10% year-on-year (YoY) rise in revenue to AED 631.93 million during 2023, versus AED 576.08 million.

Meanwhile, the total assets hiked to AED 2.01 billion last year from AED 774 million in 2022.

Operational net profits hiked by 110% YoY to AED 142.50 million, driven by security solutions growth and commercial printing.

Ali Saif Ali Abdulla Alnuaimi, CEO of E7 Group, said: "Adjusting for the impact of the merger with ADC Acquisition Corporation, E7 delivered 110% net profit growth during the year, enabled by our ability to efficiently and effectively identify and secure commercial opportunities, which drove both revenue growth and margin expansion,”

“We also continue to diversify our product mix, foster long-term customer relationships, and act as a trusted partner to our growing international customer base, ensuring we are well placed to capitalise on growth opportunities in 2024,” Alnuaimi underlined