Pason Reports First Quarter 2025 Results and Declares Quarterly Dividend
Financial Highlights
Three Months Ended March 31,
2025
2024
Change
(000s, except per share data)
($)
($)
( %)
North American Drilling Revenue
75,772
73,604
3
International Drilling Revenue
13,989
14,632
(4)
Completions Revenue
16,013
12,785
25
Solar and Energy Storage Revenue
7,403
3,738
98
Total Revenue
113,177
104,759
8
Adjusted EBITDA (1)
45,212
42,425
7
As a % of revenue
39.9
40.5
(60) bps
Funds flow from operations
36,543
34,846
5
Per share – basic
0.46
0.44
5
Per share – diluted
0.46
0.44
5
Cash from operating activities
39,942
31,014
29
Net capital expenditures (2)
16,708
19,281
(13)
Free cash flow (1)
23,234
11,733
98
Cash dividends declared (per share)
0.13
0.13
—
Net income
19,646
69,123
(72)
Net income attributable to Pason
20,009
69,529
(71)
Per share – basic
0.25
0.87
(71)
Per share – diluted
0.25
0.87
(71)
As at
March 31, 2025
December 31, 2024
Change
(CDN 000s)
($)
($)
( %)
Cash and cash equivalents
84,372
77,197
9
Short-term investments
3,032
3,581
(15)
Total Cash (1)
87,404
80,778
8
Working capital
122,058
120,583
1
Total interest bearing debt
—
—
—
Shares outstanding end of period (#)
78,962,675
79,426,065
(1)
(1) Non-GAAP and supplementary financial measures are defined under Non-GAAP Financial Measures in this press release.
(2) Includes additions to property, plant, and equipment and development costs, net of proceeds on disposal from Pason's Condensed Consolidated Interim Statements of Cash Flows
Pason generated $113.2 million in consolidated revenue in the first quarter of 2025, representing a 8% increase from the $104.8 million generated in the comparative period of 2024 and a result that continues to significantly outpace underlying industry conditions.
The North American Drilling business unit generated $75.8 million of revenue in the first quarter of 2025, a 3% increase over the comparative period of 2024 despite industry conditions that continued to be challenging. Industry activity in North America was 3% lower in the first quarter of 2025 when compared to the first quarter of 2024, driven by a reduction in US land rig counts, slightly offset by an increase in Canadian activity. However, during this time Pason's Revenue per Industry Day increased 7% to $1,067 from the comparative 2024 period. Revenue per Industry Day in the current quarter represents increased product adoption across Pason's technology offering and also benefited from strength in the US dollar versus the Canadian dollar when compared to the prior year quarter. While a strengthening US dollar negatively impacted US dollar sourced operating expenses in the first quarter of 2025, this increase was offset by lower levels of repairs. As a result, segment gross profit of $46.8 million during the first quarter of 2025 increased from $44.4 million in the 2024 comparative period, and demonstrates the segment's operating leverage and ability to outpace industry activity levels on a mostly fixed cost base.
The International Drilling business unit generated $14.0 million of revenue and $5.8 million in gross profit in the first quarter of 2025, both representing decreases over the comparative period of 2024. Current quarter revenue in this segment was impacted by lower levels of activity within the Company's Argentinian operations, due to a large customer's operational focus shifting away from conventional wells toward more unconventional drilling, leading to a reduction in active rigs pending results from this shift. While the segment's cost base remains primarily fixed, current quarter operating expenses were impacted by inflationary effects and changes in foreign exchange.
Industry conditions for completions activity in North America continued to be challenging in the first quarter of 2025 with active frac spreads in the US declining by 21% from the prior year comparative period. However, against this backdrop the Company's Completions segment generated $16.0 million in revenue representing a 25% increase from the prior year comparative period. During the first quarter of 2025, the business unit averaged 32 IWS Active Jobs, up from 28 in the first quarter of 2024, and up from 26 in the fourth quarter of 2024. Revenue per IWS day of $5,486 also increased year over year by 9%, benefiting from mix of active jobs and also from strength in the US dollar. As the Completions segment grows its customer base, Revenue per IWS Day will fluctuate depending on the mix of technology adopted amongst those existing customers. Segment gross profit of $1.6 million in the quarter compares to $1.2 million in the prior year comparative quarter, and includes $5.6 million of depreciation and amortization expense, of which $2.1 million relates to amortization expense on intangible assets acquired through the IWS Acquisition.
Revenue generated by the Solar and Energy Storage business unit was $7.4 million, a 98% increase from the comparative period in 2024 and a new quarterly record for the segment. Revenue grew year over year with an increased number of control systems delivered in the current quarter. With the increase in revenue, operating expenses were $6.5 million during the first quarter of 2025 reflecting the cost of goods sold on controls systems revenue. Resulting segment gross profit was $0.8 million for the first quarter of 2025 compared to $0.2 million in the comparable period in 2024.
Pason generated $45.2 million in Adjusted EBITDA, or 39.9% of revenue in the first quarter of 2025, compared to $42.4 million or 40.5% of revenue in the first quarter of 2024. While Adjusted EBITDA grew year over year with increasing revenue, a comparison of Adjusted EBITDA margins reflects higher levels of revenue generated by the Company's Completions and Solar and Energy Storage segments at lower margins given the investments made for the current stage of growth of those segments.
The Company recorded net income attributable to Pason of $20.0 million ($0.25 per share) in the first quarter of 2025, compared to net income attributable to Pason of $69.5 million ($0.87 per share) recorded in the corresponding period in 2024. First quarter 2024 net income attributable to Pason included a non- recurring $50.8 million non-cash accounting gain realized on the revaluation of the Company's previously held equity investment in IWS following the acquisition of all remaining outstanding common shares not held by Pason on January 1, 2024.
Sequentially, Q1 2025 consolidated revenue of $113.2 million was a 5% increase from consolidated revenue of $107.6 million generated in the fourth quarter of 2024. Adjusted EBITDA of $45.2 million or 39.9% of revenue in the first quarter of 2025 also increased from $42.1 million or 39.1% of revenue in the fourth quarter of 2024. First quarter 2025 results benefited from higher levels of Canadian drilling activity through the winter drilling season and sequential growth in Revenue per Industry Day. Further, the Company's Completions and Solar and Energy Storage segments both grew revenue sequentially, offsetting a sequential decline seen in the Company's International Drilling segment as a result of reduced levels of activity in Argentina. The Company recorded net income attributable to Pason in the first quarter of 2025 of $20.0 million ($0.25 per share) compared to net income attributable to Pason of $16.9 million ($0.21 per share) in the fourth quarter of 2024 where the increase quarter over quarter reflects higher levels of Adjusted EBITDA.
Pason's balance sheet remains strong, with no interest bearing debt, and $87.4 million in Total Cash as at March 31, 2025, compared to $80.8 million as at December 31, 2024. Pason generated cash from operating activities of $39.9 million in the first quarter of 2025, compared to $35.8 million in the fourth quarter of 2024, which reflects higher Adjusted EBITDA year over year.
During the three months ended March 31, 2025, Pason invested $16.7 million in net capital expenditures, a decrease from $19.3 million in the first quarter of 2024. Net capital expenditures in Q1 2025 includes investments associated with supporting the continued growth of the Company's pressure control automation technology offering for the completions segment, the ongoing refresh of Pason's drilling related technology platform and continued investments in the new Pason Mud Analyzer. Resulting Free Cash Flow in the first quarter of 2025 was $23.2 million, compared to $11.7 million in the same period in 2024.
In the first quarter of 2025, Pason returned $16.3 million to shareholders through the Company's quarterly dividend of $10.3 million and $6.0 million in share repurchases.
President's Message
The strength and resilience of Pason's competitive position was again demonstrated in our financial and operating results for the first quarter of 2025. Consolidated revenue increased by 8% year-over-year while North American drilling industry activity decreased by 3%. We continue to outpace underlying industry activity through both increasing Revenue per Industry Day, primarily through growing product adoption, and generating higher levels of revenue from our Completions and Solar and Energy Storage segments.
The compounding effect of Pason's continued outperformance against North American drilling industry activity is more evident when taking a longer-term view. Revenue per Industry Day in North America has grown at a compound annual growth rate of 6.6% over the past 10 years, resulting in a 90% total increase from $562 in the first quarter of 2015 to $1,067 in the first quarter of 2025. The impact of Pason's progress in generating additional sources of revenue can also be seen through a historical comparison; first quarter consolidated revenue of $113.2 million was slightly higher than $107.3 million in the first quarter of 2013, a time when there were 2,216 active drilling rigs in North America compared to 785 active drilling rigs in the first quarter of 2025.
Our International Drilling segment saw revenue decline 4% from the first quarter of 2024, primarily due to lower levels of activity in our operations in Argentina resulting from a change in a large customer's operational focus away from conventional wells towards more unconventional drilling. While this puts pressure on near-term activity as conventional development slows, over time we expect to benefit from this transition through higher activity on unconventional assets with higher adoption of a wider suite of products and service.
Our Completions segment generated revenue of $16.0 million in the first quarter, on the strength of year- over-year increases in both the average number of IWS Active Jobs and Revenue per IWS Day. Compared to the prior year period, segment revenue increased by 25%, while the reported number of active US frac spreads decreased by 21%.
Energy Toolbase, our business in the Solar and Energy Storage segment, also posted strong results in the first quarter, with revenue of $7.4 million representing a 98% increase from the prior year period on the strength of additional control system deliveries in the quarter. Reported revenue from this segment will fluctuate based on the timing of control system deliveries.
Adjusted EBITDA increased by 7% year-over-year to $45.2 million, with margins declining slightly as a result of a greater contribution of revenue from Completions and Solar and Energy Storage, where segment margins are lower owing to their current stage of growth and development. Net capital expenditures of $16.7 million were 13% lower than the same period of 2024. As a result, free cash flow for the quarter of $23.2 million represented a 98% increase from the first quarter of 2024.
We returned $16.3 million to shareholders in the first quarter through our regular dividend and share repurchases and are maintaining our quarterly dividend at $0.13 per share. Our capital allocation priorities remain unchanged. Our highest expected returns on capital come from the investments we are making to grow our Completions business and to continue the rollout of our Mud Analyzer in our drilling- related business. We continue to expect our 2025 capital program to total approximately $65 million. In the current environment of uncertainty and market volatility, we favour maintaining greater flexibility to repurchase additional shares over higher dividends for incremental shareholder returns.
In recent weeks, ongoing trade disputes, changes to announced OPEC+ production plans, and growing concerns about the potential for economic recession have placed greater focus on geopolitical factors. We anticipate that companies may adjust their development plans should their commodity price forecasts change; however, even in the event of reductions in capital programs, we expect any activity decreases to be more modest in both depth and duration as compared to previous industry slowdowns. Today, the North American oil and gas industry is comprised of a smaller number of larger, well-capitalized producers with much stronger balance sheets that can withstand commodity price changes. Oil supply and demand are more balanced with oil storage levels at the low end of their 20-year range. A more significant amount of current activity is directed at maintaining current production levels, meaning there is much less opportunity to reduce growth capital. Whereas in previous downturns companies were able to maintain production by completing previously drilled wells, the current inventory of drilled but uncompleted wells (DUCs) appears to be at or near its minimum sustainable level; thus, we anticipate that efforts to maintain production will require both drilling and completions activity. Analysts have a more positive outlook for natural gas fundamentals, supported by growth expectations from LNG projects coming online and increased power demand related to data centre requirements to support artificial intelligence applications.
Our experience through previous cycles has been that maintaining investments focused on service quality and technology development through periods of uncertainty provides the greatest opportunity to expand competitive gaps. We see opportunities for greater adoption of data-driven technologies over time in both drilling and completions, and we intend to ensure our product and service offerings continue to evolve to ensure we can capitalize on those opportunities.
Quarterly Dividend
Pason announced today that the Board of Directors have declared a quarterly dividend of thirteen cents (C$0.13) per share on the company's common shares. The dividend will be paid on June 30, 2025 to shareholders of record at the close of business on June 16, 2025.
First Quarter Conference Call
Pason will be conducting a conference call for interested analysts, brokers, investors, and media representatives to review its 2025 first quarter results at 9:00 a.m. (MT) on Friday, May 2, 2025. The conference call dial-in numbers are 1-888-510-2154 or 1-437-900-0527, and the call will be simultaneously audio webcast via: www.pason.com/webcast. You can access the fourteen-day replay by dialing 1-888-660-6345 or 1-289-819-1450, using password 02840#.
An archived audio webcast of the conference call will also be available on Pason's website at www.pason.com/investors.
Non-GAAP Financial Measures
A non-GAAP financial measure has the definition set out in National Instrument 52-112 'Non-GAAP and Other Financial Measures Disclosure'.
The following non-GAAP measures may not be comparable to measures used by other companies. Management believes these non-GAAP measures provide readers with additional information regarding the Company's operating performance, and ability to generate funds to finance its operations, fund its research and development and capital expenditure program, and return capital to shareholders through dividends or share repurchases.
EBITDA and Adjusted EBITDA
EBITDA is defined as net income before interest income and expense, income taxes, stock-based compensation expense, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA, adjusted for foreign exchange, impairment of property, plant, and equipment, restructuring costs, net monetary adjustments, government wage assistance, revaluation of put obligation, gain on previously held equity interest and other items, which the Company does not consider to be in the normal course of continuing operations.
Management believes that EBITDA and Adjusted EBITDA are useful supplemental measures as they provide an indication of the results generated by the Company's principal business activities prior to the consideration of how these results are taxed in multiple jurisdictions, how the results are impacted by foreign exchange or how the results are impacted by the Company's accounting policies for equity-based compensation plans.
Reconcile Net Income to EBITDA
Three Months Ended
Jun 30,
2023
Sep 30,
2023
Dec 31,
2023
Mar 31,
2024
Jun 30,
2024
Sep 30,
2024
Dec 31,
2024
Mar 31,
2025
(000s)
($)
($)
($)
($)
($)
($)
($)
($)
Net income
24,962
27,399
8,012
69,123
10,284
23,717
16,585
19,646
Add:
Income taxes
7,906
7,356
6,710
9,057
6,048
6,148
2,404
8,214
Depreciation and amortization
5,815
6,988
7,797
11,730
12,901
13,659
13,889
14,184
Stock-based compensation
1,986
5,082
4,732
3,011
4,634
(117)
3,370
2,892
Net interest (income)
(2,847)
(3,858)
(5,082)
(1,411)
(522)
(803)
(218)
(512)
EBITDA
37,822
42,967
22,169
91,510
33,345
42,604
36,030
44,424
Reconcile EBITDA to Adjusted EBITDA
Three Months Ended
Jun 30,
2023
Sep 30,
2023
Dec 31,
2023
Mar 31,
2024
Jun 30,
2024
Sep 30,
2024
Dec 31,
2024
Mar 31,
2025
(000s)
($)
($)
($)
($)
($)
($)
($)
($)
EBITDA
37,822
42,967
22,169
91,510
33,345
42,604
36,030
44,424
Add:
Foreign exchange loss (gain)
1,597
681
14,247
714
(1,202)
(1,245)
5,574
(170)
Put option revaluation
—
—
(149)
—
—
—
(1,413)
—
Net monetary loss
(1,196)
(1,477)
—
—
—
—
—
—
Gain on previously held equity interest
—
—
—
(50,830)
—
—
—
—
Other
(336)
110
2,621
1,031
992
2,789
1,928
958
Adjusted EBITDA
37,887
42,281
38,888
42,425
33,135
44,148
42,119
45,212
Free cash flow
Free cash flow is defined as cash from operating activities plus proceeds on disposal of property, plant, and equipment, less capital expenditures (including changes to non-cash working capital associated with capital expenditures), and deferred development costs. This metric provides a key measure on the Company's ability to generate cash from its principal business activities after funding capital expenditure programs, and provides an indication of the amount of cash available to finance, among other items, the Company's dividend and other investment opportunities.
Reconcile cash from operating activities to free cash flow
Three Months Ended
Jun 30,
2023
Sep 30,
2023
Dec 31,
2023
Mar 31,
2024
Jun 30,
2024
Sep 30,
2024
Dec 31,
2024
Mar 31,
2025
(000s)
($)
($)
($)
($)
($)
($)
($)
($)
Cash from operating activities
29,658
31,698
27,412
31,014
25,976
30,375
35,825
39,942
Less:
Net additions to property, plant and equipment
(11,303)
(6,474)
(7,720)
(17,834)
(16,695)
(12,444)
(16,707)
(15,268)
Deferred development costs
(367)
(208)
(375)
(1,447)
(1,250)
(1,277)
(1,472)
(1,440)
Free cash flow
17,988
25,016
19,317
11,733
8,031
16,654
17,646
23,234
Supplementary Financial Measures
A supplementary financial measure: (a) is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) is not presented in the financial statements of the Company; (c) is not a non-GAAP financial measure; and (d) is not a non-GAAP ratio. Supplementary financial measures found within this press release are as follows:
Revenue per Industry Day
Revenue per Industry Day is defined as the total revenue generated from the North American Drilling segment over all active drilling rig days in the North American market. This metric provides a key measure of the North American Drilling segment's ability to evaluate and manage product adoption, pricing, and market share penetration. Drilling rig days are calculated by using accepted industry sources.
IWS Active Jobs
IWS Active Jobs represents the average number of jobs per day that IWS is generating revenue on through the rental of its technology offering to customers during the reporting period. This metric provides a key measure of IWS' market penetration.
Revenue per IWS Day
Revenue per IWS Day is defined as the total revenue generated by the Completions segment over all IWS active days during the quarter. IWS active days are calculated by using IWS Active Jobs in the reporting period. This metric provides a key measure of the IWS' ability to evaluate and manage product adoption and pricing.
Adjusted EBITDA as a percentage of revenue
Calculated as adjusted EBITDA divided by revenue.
Total Cash
Calculated as the sum of cash and cash equivalents, and short-term investments from the Company's Consolidated Balance Sheets. The Company's short term-investments are comprised of US dollar bonds.
Forward Looking Information
Certain statements contained herein constitute 'forward-looking statements' and/or 'forward-looking information' under applicable securities laws (collectively referred to as 'forward-looking statements'). Forward- looking statements can generally be identified by the words 'anticipate', 'expect', 'believe', 'may', 'could', 'should', 'will', 'estimate', 'project', 'intend', 'plan', 'outlook', 'forecast' or expressions of a similar nature suggesting a future outcome or outlook.
Without limiting the foregoing, this document includes, but is not limited to, the following forward-looking statements: the Company's growth strategy and related schedules; divergence in activity levels between the geographic regions in which we operate; demand fluctuations for our products and services; the Company's ability to increase or maintain market share; projected future value, forecast operating and financial results; planned capital expenditures; expected product performance and adoption, including the timing, growth and profitability thereof; potential dividends and dividend growth strategy; future use and development of technology; our financial ability to meet long-term commitments not included in liabilities; the collectability of accounts receivable; the application of critical accounting estimates and judgements; treatment under governmental regulatory and taxation regimes; and projected increasing shareholder value.
These forward-looking statements reflect the current views of Pason with respect to future events and operating performance as of the date of this document. They are subject to known and unknown risks, uncertainties, assumptions, and other factors that could cause actual results to be materially different from results that are expressed or implied by such forward-looking statements.
Although we believe that these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: the state of the economy; volatility in industry activity levels and resulting customer expenditures on exploration and production activities; customer demand for existing and new products; the industry shift towards more efficient drilling and completions activity and technology to assist in that efficiency; the impact of competition; the loss of key customers; the loss of key personnel; cybersecurity risks; reliance on proprietary technology and ability to protect the Company's proprietary technologies; changes to government regulations (including those related to safety, environmental, or taxation); the impact of extreme weather events and seasonality on our suppliers and on customer operations; and war, terrorism, pandemics, social or political unrest that disrupts global markets.
These risks, uncertainties and assumptions include but are not limited to those discussed in Pason's Annual Information Form for the year ended December 31, 2024 under the heading, 'Risk and Uncertainty,' in our management's discussion and analysis for the year ended December 31, 2024, and in our other filings with Canadian securities regulators. These documents are on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) or through Pason's website (www.pason.com).
Forward-looking statements contained in this document are expressly qualified by this cautionary statement. Except to the extent required by applicable law, Pason assumes no obligation to publicly update or revise any forward-looking statements made in this document or otherwise, whether as a result of new information, future events or otherwise.
Pason Systems Inc.
Pason is a leading global provider of specialized data management systems for drilling rigs. Our solutions, which include data acquisition, wellsite reporting, remote communications, web-based information management, and analytics, enable collaboration between the rig and the office. Through Intelligent Wellhead Systems Inc. ('IWS'), we also provide engineered controls, data acquisition, and software, to automate workflows and processes for oil and gas well completions operations, improving wellsite safety and efficiency. Through Energy Toolbase Software, Inc. ('ETB'), we also provide products and services for the solar power and energy storage industry. ETB's solutions enable project developers to model, control and monitor economics and performance of solar energy and storage projects.
Pason's common shares trade on the Toronto Stock Exchange and OTC Markets Group under the symbol PSI and PSYTF, respectively. For more information about Pason Systems Inc., visit the company's website at www.pason.com or contact investorrelations@pason.com.
Additional information on risks and uncertainties and other factors that could affect Pason's operations or financial results are included in Pason's reports on file with the Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) or through Pason's website (www.pason.com).
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Q2 consolidated revenue increased to AED 18.0 billion, a 28.1% year-on-year growth Q2 consolidated net profit rises to AED 3.5 billion, backed by 9.7% year-on-year growth Q2 EBITDA reached AED 8.0 billion at a margin of 44.5%, an increase of 22.2% year-on-year ABU DHABI, UAE, July 31, 2025 /CNW/ — e& today announced its consolidated financial results for the first half of 2025, reporting continued growth momentum and strategic progress across its business pillars. e&'s performance reinforces the Group's position as a global technology leader, driving digital transformation at scale across regional and international markets. Consolidated revenue increased to AED 34.9 billion, representing a year-over-year growth of 23.3 per cent compared to H1 2024. Consolidated net profit in H1 rose to AED 8.8 billion, up 60.7 per cent from the previous year. EBITDA in H1 reached AED 15.4 billion, a YoY increase of 18.8% with EBITDA margin of 44.1 per cent. The Group's subscriber base grew to 198 million globally, marking a 13.1 per cent increase year-over-year. In the UAE, e& UAE subscribers reached 15.5 million, driven by rising demand for advanced connectivity solutions, AI-powered services, and tailored digital experiences that address the evolving needs of both individuals and businesses. Key Financial Highlights for H1 2025 H1 2025 H1 2024 % Change Q2 2025 Q2 2024 % Change Consolidated Revenue AED 34.9 billion AED 28.3 billion 23.3 % AED 18.0 billion AED 14.1 billion 28.1 % Consolidated Net Profit AED 8.8 billion AED 5.5 billion 60.7 % AED 3.5 billion AED 3.2 billion 9.7 % EBITDA AED 15.4 billion AED 12.9 billion 18.8 % AED 8.0 billion AED 6.6 billion 22.2 % Earnings per Share AED 1.01 AED 0.63 60.7 % AED 0.40 AED 0.36 9.7 % Total Group Subscribers 198.0 million 175.1 million 13.1 % 198.0 million 175.1 million 13.1 % UAE Subscribers 15.5 million 14.6 million 6.3 % 15.5 million 14.6 million 6.3 % H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman, e&, said: 'In the first half of 2025, e& continued to strengthen its leadership position, driven by its strategic investments and robust business model. Our continued strong performance reflects our commitment to long-term value creation, with major milestones reflecting the Board's strategic foresight. 'In H1, e& continued its growth trajectory, delivering consolidated revenue of AED 34.9 billion—a year-on-year increase of 23.3 per cent—and achieving consolidated net profits of AED 8.8 billion, up 60.7 per cent compared to the same period last year. Alongside our outstanding financial performance, we maintained our focus on bringing the latest technologies to best serve our customers. We launched the UAE Sovereign Cloud Launchpad alongside AWS and the UAE Cybersecurity Council. This landmark initiative advances national priorities around digital sovereignty, secure AI, and cloud innovation, and is set to unlock enduring value for the nation's digital economy. 'Thanks to the UAE's visionary leadership that inspires us, e& will continue enabling the knowledge economy with responsibility and ambition. We remain committed to shaping resilient, inclusive, and innovation-led societies across the markets we serve.' Hatem Dowidar, Group Chief Executive Officer, e&, said: 'e& delivered strong performance in the first half of 2025, reflecting our agility, innovation, and ability to scale. We preserved the momentum witnessed across our different verticals. Our diverse revenue streams enabled the group to drive financial success and deliver robust operational growth. Revenues in Q2 and H1 increased by 28.1 per cent year-over-year to AED 18.0 billion and by 23.3 per cent to AED 34.9 billion, respectively. Our EBITDA grew by 18.8 per cent to AED 15.4 billion in the first half. These results demonstrate the strength of our transformation strategy and our continued focus on operational excellence and value creation. 'We achieved a series of strategic milestones, including the divestment of Khazna and partial divestment of Airalo during the first half of the year, which enhanced our financial flexibility. In parallel, we introduced the UAE Sovereign Cloud Launchpad, reinforcing our focus on secure, sovereign AI solutions. We also became one of the first companies to earn the 'Tier S' designation under the Dubai AI Seal, a top-level recognition of our leadership in responsible AI development and deployment. Additionally, we advanced our international footprint through the acquisition of Serbia Broadband, while our collaboration with Qualcomm is accelerating 5G evolution and edge AI integration across key industries. 'Our progress was further recognised internationally, with e& named the world's Fastest Growing Brand by Brand Finance. This recognition reflects our bold ambition, customer-centric innovation, and growing global presence. 'As we look ahead, we remain focused on enabling future technologies and delivering lasting impact across the communities we serve.' Infographic: Media contact:Nancy SudheerSenior Managernsudheer@ +971 50 705 5290
Malaysian Reserve
3 days ago
- Malaysian Reserve
Golf Town brings best-in-class retail experience to the Rogers Charity Classic
As the official merchandiser of the Rogers Charity Classic, Golf Town expands its presence in pro golf, delivering a world-class retail experience for fans and players alike CALGARY, AB, July 31, 2025 /CNW/ – Golf Town, Canada's leading golf retailer, is continuing its mission to grow the game by delivering a one-of-a-kind shopping experience at one of Canada's premier golf events, The Rogers Charity Classic (RCC). As the official on-site merchandiser of Canada's only PGA TOUR Champions stop, Golf Town will bring its industry-leading retail expertise to fans, players, and the Calgary golf community during the tournament from August 11th to 17th. This marks Golf Town's first-ever merchandising partnership with a Canadian professional tournament, and they're excited to bring their unique retail experience directly to where Canadian golf fans gather and shop. Fans can shop exclusive RCC gear, limited-edition products, top-tier golf apparel, and even catch in-store appearances from Mike Weir and other tour pros. This is all complemented by Golf Town's unmatched customer service and expert knowledge of the game, giving each golfer the confidence they can play their best. 'We see this as more than a retail opportunity – it's a chance to show how Golf Town can elevate the guest experience at Canada's top golf events, while supporting the growth of the game at every level,' says Barry Williams, President and Chief Merchandising Officer at Golf Town. 'From seasoned pros to new fans, we're excited to bring our energy, expertise, and inclusive mission to the Rogers Charity Classic.' The partnership will also see Golf Town as the presenting sponsor of Blakes Women's Golf Day at the tournament, reinforcing the brand's commitment to supporting equality and inclusivity in golf. The shamble-style tournament features appearances from Golf Town ambassador Lisa Longball and rising stars in junior girls' golf, highlighting the importance of representation and access across all levels of the sport. Golf Town is also distributing more than 400 tournament tickets through local community programs to introduce pro golf to even more Canadians. This includes giveaways with purchases at Calgary-area Golf Town stores, as well as ticket donations to organizations like First Tee Alberta and Kids Up Front Calgary. 'As Canada's only PGA TOUR Champions stop, it's only fitting to welcome our national golf superstore, Golf Town, as the official on-site merchandising partner of the Rogers Charity Classic,' says Sean Van Kesteren, Executive Director of the Rogers Charity Classic. 'Golf Town's commitment to providing an excellent customer experience mirrors the Rogers Charity Classic's commitment to creating memorable experiences for players and fans alike while benefitting hundreds of Alberta youth charities through our premier event.' This partnership marks an exciting moment for Golf Town as it brings its retail expertise to a new arena: pro golf. By delivering an elevated fan experience with exclusive gear, player appearances and premium apparel, Golf Town is creating new ways for Canadians to engage with the game they love. About Golf TownGolf Town is the largest specialty golf retailer in Canada, operating 48 stores while offering the convenience of online shopping at The company features the best product assortment and brands in golf, expert staff who love the game, and premium custom fitting services, including its StudioX experience. Golf Town also provides expanded experiences like Golf Town Travel and delivers top golf content through ScoreGolf, in partnership with TorStar. Golf Town is a banner under the Sporting Life Group umbrella and is owned by Fairfax Financial Holdings Limited. Related Links:
