Abu Dhabi: The signing of numerous new contracts for the provision of security solutions and commercial printing services throughout Africa and the Middle East by E7 Group, which is listed on the Abu Dhabi Securities Exchange, represents a major advancement in the company’s pursuit of profitable growth and global expansion.
On the security solutions front, E7 Security has broadened its presence in Africa by securing two new contracts worth over AED25 million ($ 6.75 million) combined. These contracts include a one-year agreement for printing examination papers and a two-year agreement for supplying ePassports.
On the commercial printing front, E7 Printing has secured multiple contracts totaling over AED40 million ($10.8 million). These contracts cater to diverse clients in the UAE and Africa, encompassing large-scale outdoor printing, magazines, promotional materials, and textbooks.
Ali Saif Ali Abdulla Alnuaimi, Chief Executive Officer of E7 Group, remarked that, “We are delighted to announce the signing of these new contracts, which not only reaffirm our commitment to innovation but also solidify our position as leaders in the security and printing sectors. We are dedicated to unlocking fresh opportunities in the security solutions segment, expanding our portfolio to capture a larger market share globally.”
“We are strategically expanding our commercial printing services across the GCC and Africa to seize new opportunities and enhance our global footprint, complementing our dominant position in commercial printing within the UAE,” Alnuaimi added.
E7 Group’s growth in 2024 is being enabled by a clear strategy across its four segments and its strong financial position, enabled by its landmark listing on ADX in 2023 via the UAE’s first-ever de-SPAC listing.
E7 Group recently announced its FY 2023 financial results, posting a 10 percent increase in annual revenue to AED631.9 million ($170 million) and a 107 percent increase in profit before one-off non-cash listing expenses to AED140.3 million ($37 million).
The Group ended 2023 with AED1.29 billion ($348.3 million) cash, and it is well-positioned to deliver on its organic and inorganic growth objectives.