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Innovent Announces First Patient Dosed in Phase 1 Study of IBI3020, Global First-in-class Dual Payload CEACAM5 ADC, in Patients with Advanced Malignancies

SAN FRANCISCO and SUZHOU, China, April 30, 2025 /PRNewswire/ — Innovent Biologics, Inc. (“Innovent”) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures, and commercializes high-quality medicines for the treatment of oncology, autoimmune, metabolic, ophthalmology and other major diseases, announced completion of the first patient dosing for IBI3020, its first-in-class dual-payload CEACAM5 ADC, in Phase 1 clinical trial for the treatment of patients with advanced solid tumors. IBI3020 is the first dual-payload ADC developed from Innovent’s proprietary DuetTx® dual-payload ADC platform and the first dual-payload ADC globally known in the same class to complete the first-in-human dosing.

The study is an open-label, multi-regional Phase 1 study evaluating the safety, tolerability, and preliminary efficacy of IBI3020 in participants with advanced solid tumors, as well as determining the recommended Phase 2 dose (RP2D). The study has received IND approval in the U.S. recently and will be conducted in both China and the U.S.

As a global first-in-class ADC candidate, IBI3020 is generated from Innovent’s proprietary DuetTx® dual-payload ADC platform. The internationalization of the CEACAM5-dependent ADC occurs after IBI3020 selectively binds to CEACAM5-expressing tumor cells, followed by lysosomal degradation. This process releases two types of cytotoxic payloads, leading to cell killing of tumor cells.

In preclinical studies, IBI3020 has demonstrated robust antitumor activity across various tumor-bearing pharmacology models, with a notable bystander killing effect. Additionally, IBI3020 has shown favorable safety characteristics in preclinical models, with an overall manageable safety profile.

Professor Yu Jinming, Shandong Cancer Hospital, stated:” Carcinoembryonic antigen (CEA), also known as CEACAM5, is a glycosylphosphatidylinositol-anchored cell-surface glycoprotein involved in cell adhesion, invasion, and metastasis of cancer cells. There is a significant clinical need for effective therapies in advanced colorectal cancer, non-squamous lung cancer, gastric cancer, pancreatic cancer, and others. CEACAM5 is overexpressed in these solid tumors but shows limited expression in healthy tissues, making it a potentially safe and promising therapeutic target. The dual payload of IBI3020 consists of two types of payloads that have been clinically validated. This dual-payload design has demonstrated enhanced tumor-killing effects in preclinical studies. We look forward to observing the clinical profiles and potential breakthrough of IBI3020 in terms of safety, tolerability, and efficacy in clinical trials.”

Dr. Hui Zhou, Senior Vice President of Innovent, stated: “We are pleased to announce the successful dosing of the first patient dose with IBI3020. We will continue to advance the global development of IBI3020, aiming to offer better treatment options for patients with advanced solid tumors. Innovent possesses innovative ADC technology platforms with independent intellectual property rights. Multiple ADC molecules have clinically validated their differentiated competitiveness. IBI3020, Innovent’s first dual-payload ADC, has successfully entered clinical trials and is the first dual-payload ADC globally known in the same class to complete the first-in-human dosing, marking a breakthrough in Innovent’s ADC technology. We will continue our “IO+ADC” strategy, focusing on next-generation innovations with global potential to benefit cancer patients worldwide.”

About IBI3020

IBI3020 is a global first-in-class ADC candidate developed from Innovent’s proprietary DuetTx® dual-payload ADC platform. The CEACAM5 dependent ADC internalization occurs after IBI3020 selectively binds to the CEACAM5-expressing tumor cells, followed by the lysosomal degradation. This process releases two types of cytotoxic payloads, leading to tumor cell killing.

The multi-regional Phase 1 study of IBI3020, initiated in China, assesses the safety, tolerability, and preliminary efficacy of IBI3020 in patients with advanced solid tumors and aims to determine the recommended Phase 2 dose (RP2D). The study has also received IND approval in the U.S. recently and will be conducted in China and the U.S.

About Innovent

Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 15 products in the market. It has 3 new drug applications under regulatory review, 3 assets in Phase III or pivotal clinical trials and 16 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Eli Lilly, Sanofi, Incyte, Adimab, LG Chem and MD Anderson Cancer Center.

Guided by the motto, “Start with Integrity, Succeed through Action,” Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

Statement: (1) Innovent does not recommend the use of any unapproved drug (s)/indication (s).

( 2) Ramucirumab (Cyramza) and Selpercatinib (Retsevmo) and Pirtobrutinib (Jaypirca) were developed by Eli Lilly and Company.

Forward-Looking Statements

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent’s control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent’s competitive environment and political, economic, legal and social conditions.

Innovent, the Directors and the employees of Innovent assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turn out to be incorrect.

137th Canton Fair Phase 2 Highlights Quality Home Life Through Innovation and Green Thinking

GUANGZHOU, China, April 30, 2025 /PRNewswire/ — Phase 2 of the 137th China Import and Export Fair (Canton Fair), taking place from April 23 to 27, spans an impressive 515,000 square meters of exhibition space. With 10,313 participating companies, 273 more than the previous session, this phase centers on quality home life.

In every household, the kitchen stands as a cornerstone of comfort and function. Yet even small daily challenges, like managing kitchen waste, can disrupt the rhythm of home life. That’s why even a simple product like a trash bin has become a beacon of innovation, with exhibitors at the Fair showcasing diverse solutions that cater to real consumer needs.

One standout comes from EKO Group Ltd., which exhibited a semi-round smart sensor bin that exemplifies the fusion of design and technology. This model features motion-activated, hands-free operation, a silent-closing lid, a removable inner bucket for easy cleaning, and a fingerprint-resistant stainless-steel body. Its sleek design reflects a growing consumer desire for functional products that elevate both hygiene and style in everyday spaces.

While some companies are enhancing waste management to improve the quality of home life, others are reimagining waste itself to elevate the essence of quality living. Intco Recycling Resources Co., Ltd., a high-tech manufacturer specializing in renewable resource recycling, is pioneering the transformation of recycled plastics into elegant, high-quality home décor. At their booth, buyers found photo frames, mirrors, table accessories, and other decorative items, all crafted entirely from recycled materials. These products not only reduce environmental impact but also prove that sustainability and sophisticated design can coexist.

The response from international buyers was enthusiastic. Du Mingze, Marketing Manager at Intco Recycling, noted that most inquiries on the first day came from European and Central Asian markets, reflecting a growing global appetite for eco-conscious living solutions.

From intelligent waste bins to recycled home items, Chinese companies at the Canton Fair are showing the world how innovation and environmental consciousness can go hand in hand. As the global demand for innovative and sustainable home products continues to grow, the Canton Fair demonstrates a powerful vision: a future where everyday living is elevated through design, enabled by technology, and sustained by green thinking.


 

JustMarkets Launches Improved IB Program Focused on Transparency and Unlimited Growth


JAKARTA, INDONESIA – Media OutReach Newswire – 30 April 2025 – Global broker JustMarkets announces the official launch of its updated Introducing Broker (IB) program, which is designed to provide partners with higher returns, transparent terms, and unlimited growth potential, adapted to the current macroeconomic environment.

JustMarkets Launches Improved IB Program
JustMarkets Launches Improved IB Program

JustMarkets continues to focus on partner success by introducing an updated IB program adapted to the demands of current market conditions. The expanded program eliminates outdated conditions such as the Minimum Trading Point (MTP) requirement. It also introduces a flexible percentage commission structure, offering partners up to 40% of the spread on all trading instruments, including gold, oil, forex, and digital assets.

JustMarkets believes that traders and partners should be at the center of all the innovations and services we introduce. The improved IB program is a powerful tool for partners to take advantage of new opportunities, grow their businesses, and thrive in highly volatile financial markets. The goal is to provide the industry’s most transparent and rewarding partnership environment.” — Yasser Mansour, Senior Key Account Manager, JustMarkets.

Key features of the Improved IB program

  • Highest commissions in the market: Partners can earn up to 40% of the spread on Standard and Standard Cent accounts and up to 25% on Pro accounts. JustMarkets provides full profit on every trade without fixed lot payouts that exclude certain trades.
  • No MTP requirements: JustMarkets count towards commissions of all trades, including scalping and short-term strategies. Partners no longer face filtered payouts or partial volumes.
  • Increased Revenue During Volatility: Higher spreads during volatile market conditions directly translate into higher partners rewards, as the percentage model dynamically adjusts to market movements.
  • Faster Growth and Loyalty Rewards: Without MTP rules, partners can increase loyalty levels faster, benefiting from a more generous reward structure.
  • JustMarkets secures current partner level for two months after launch, ensuring a smooth transition.
  • Full Transparency: JustMarkets provides partners with real-time access to view client spreads directly in the trading terminal. This provides full insight into how commissions are calculated, building trust and control over earnings.

All strategies supported – scalping, intraday, or long-term trading, are rewarded. Unlike flat lot commission programs where some trades go unpaid, JustMarkets partners earn more by capturing 100% of client trading volume.

The move from flat lot commission to a percentage-based system reflects JustMarkets commitment to adapting to market trends and offering its partners a fair, scalable, and profitable environment. JustMarkets transparent percentage model pays for every trade, ensuring that partners get the most out of their clients trading activity.

New Opportunities in New Financial Markets Era

This essential update comes from JustMarkets mission to create a convenient and transparent trading environment that allows traders and partners to reach their full potential regardless of the unpredictable macroeconomic situation. Through extensive market analysis, the company has aligned its partner offering with current industry trends and partner expectations.

This is about real, consistent, and fair rewards for our valued partners. We offer our partners a program that truly reflects the value and transparency they bring. Every deal matters, every client matters, and every partner matters for JustMarkets.
– JustMarkets Representative

Visit Partner Area to learn detailed commission structures, prepare for the next chapter of partnership with JustMarkets, and take it to the next level. JustMarkets 24/7 support team is ready to help with any questions and ensure a smooth transition into this new era of partnership.

Hashtag: #JustMarkets

The issuer is solely responsible for the content of this announcement.

JustMarkets

JustMarkets is a globally recognized multi-asset broker providing reliable and transparent trading services since 2012. The company has earned over 60 industry awards, highlighting its excellence in the financial sector. JustMarkets offers a diverse array of trading instruments, including forex, stocks, commodities, indices, metals, energies, and cryptocurrencies, serving clients in over 160 countries.

Everest Medicines Announces New Drug Application Approval of VELSIPITY® for Adults with Moderately to Severely Active Ulcerative Colitis in Hong Kong

SHANGHAI, April 30, 2025 /PRNewswire/ — Everest Medicines (HKEX 1952.HK, “Everest”, or the “Company”), a biopharmaceutical company focused on the discovery, clinical development, manufacturing, and commercialization of innovative therapeutics, today announced that the Department of Health of the Government of the Hong Kong Special Administrative Region, China, has officially approved the New Drug Application (NDA) for VELSIPITY® (etrasimod) for the treatment of adult patients with moderately to severely active ulcerative colitis (UC).

Following approvals in the Macau and Singapore, Hong Kong has become the third region within Everest Medicines’ licensed territory to approve VELSIPITY®. NMPA of China has also officially accepted the NDA for VELSIPITY® for the treatment of patients with moderately to severely active UC in December 2024.

VELSIPITY® is an effective and convenient, once-daily, oral treatment for adult patients with moderately to severely active UC that has already been approved in the U.S., E.U., and other countries by Everest’s licensing partner, Pfizer. The approval of the NDA was based on results from the ELEVATE UC Phase 3 registrational program (ELEVATE UC 52 and ELEVATE UC 12). Both studies achieved all primary and key secondary efficacy endpoints, with a favorable safety profile consistent with previous studies of etrasimod. Etrasimod has been included in the AGA Living Clinical Practice Guideline on the pharmacological management of moderate-to-severe UC as one of the higher-efficacy medications suggested for first line use in advanced therapy-naïve patients.

“The approval of VELSIPITY® in Hong Kong marks an important milestone in bringing this innovative therapy to UC patients,” said Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines. “In 2022, there were approximately 600,000 patients with UC in China, and the number is estimated to reach 1 million by 2030, reflecting the significant unmet need for advanced treatment options. VELSIPITY® has already been introduced to hospitals in the Greater Bay Area through the ‘Hong Kong and Macau Medicine and Equipment Connect’ policy. With the NDA for VELSIPITY® officially accepted by the NMPA, we look forward to expanding patient access to this therapy.”

Prof. Wu Kaichun at the First Affiliated Hospital of AFMU who is the principal investigator for etrasimod’s Asia clinical trial said: “As a next-generation selective S1P receptor modulator, once-daily oral etrasimod demonstrates robust efficacy across multiple endpoints, including mucosal healing, endoscopic normalization and histological remission. UC is a chronic, relapsing, non-specific inflammatory disease, and as the disease progresses, the risk of disability and colorectal cancer incidence continues to rise. We look forward to its approval in more regions to benefit more patients.”

As a core product of Everest Medicines, etrasimod is an innovative and advanced therapy that provides the chance for rapid onset of action, clinical remission and mucosal healing through an oral, once-daily regimen. Etrasimod has been commercially launched in Singapore and Macau in 2024. As Everest’s third commercialized product, VELSIPITY® has been officially approved by the Guangdong Provincial Medical Products Administration for adult patients with moderately to severely active UC. It is now available at medical institutions designated under the Connect Policy in the Greater Bay Area. Additionally, Everest has launched the construction project at its Jiashan factory to support the local production for VELSIPITY®.

About VELSIPITY® (etrasimod)

VELSIPITY® is a once-daily, oral, sphingosine 1-phosphate (S1P) receptor modulator that selectively binds with S1P receptor subtypes 1, 4, and 5. Regulatory approvals have been granted in US, EU, Canada, Australia, Singapore, UK, Switzerland, Israel and the Macau SAR, China for VELSIPITY® in ulcerative colitis, as well as additional countries.

About Everest Medicines

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing transformative pharmaceutical products and vaccines that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record from both leading global pharmaceutical companies and local Chinese pharmaceutical companies in high-quality discovery, clinical development, regulatory affairs, CMC, business development and operations. Everest Medicines has built a portfolio of potentially global first-in-class or best-in-class molecules in the company’s core therapeutic areas of renal diseases, infectious diseases and autoimmune disorders. For more information, please visit its website at www.everestmedicines.com.

Forward-Looking Statements

This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.

KT Corp. Files 2024 Annual Report on Form 20-F

SEOUL, South Korea, April 30, 2025 /PRNewswire/ — KT Corporation (NYSE: KT), South Korea’s leading integrated telecommunications and platform service provider, announced that it has filed its Form 20-F Annual Report on April 29th, 2025 for the year ended December 31, 2024 with the Securities and Exchange Commission of the United States. The report can be accessed on KT’s English website at https://corp.kt.com/eng in the Investors section under Business Report as well as the SEC’s Edgar database at www.sec.gov.

About KT Corporation (KRX: 030200; NYSE:KT)

KT Corporation is the leading integrated telecommunications and platform service provider based in South Korea. Principal services include mobile, Broadband, IPTV, B2B communications, and fixed-line telephony. The Company has industry-leading market presence in Broadband, media services, and fixed-line telephony by maintaining No.1 market share positions. Also, the Company is the No.1 player in B2B communications and offers a wide range of other information technology and network services including data centers and cloud services. Additionally, the Company possesses a well-balanced portfolio of diverse subsidiaries focusing on media/content, financial services, real estate operations, and commerce industries.

Forward-Looking Statements

This communication contains “forward-looking statements” that are based on our current expectations, assumptions, estimates and projections about us and the industries in which we operate. The forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “project,” “should,” and similar expressions. Those statements include, among other things, the discussions of our business strategy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources. We caution you that reliance on any forward-looking statement involves risks and uncertainties, and that although we believe that the assumptions on which our forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions could be incorrect. The uncertainties in this regard include, but are not limited to, those identified in the risk factors discussed above. In light of these and other uncertainties, you should not conclude that we will necessarily achieve any plans and objectives or projected financial results referred to in any of the forward-looking statements. We do not undertake to release the results of any revisions of these forward-looking statements to reflect future events or circumstances.

IR department:
+82-70-4193-4036
ktir@kt.com

【C.S Group】: Launches Antcin A-Based Veterinary Drug Initiative Across Taiwan and China

TAIPEI, April 30, 2025 /PRNewswire/ — Cordyceps Sunshine Biotech Holdings Co., Ltd.C.S Group announced a major milestone in veterinary drug development at the “Pharmacological Progress Conference for Taiwanofungus camphoratus Applications in the Pet Market,” co-hosted with the Chinese Herbal Fungi Industry Research and Development Association (CHFIRDA).

At the conference,C.S Group revealed its plans to enter the pet pharmaceutical market with a novel combination therapy that integrates Antcin A — a purified extract from Taiwanofungus camphoratus — with steroids. The company is preparing to launch Phase I clinical trials with the U.S. FDA later this year and simultaneously initiate veterinary drug registration processes in Taiwan and mainland China.

Taiwanofungus-Based Therapies Target Growing Pet Healthcare Needs

During the event, Dr. Chia-Hsin Huang, a leading authority on Taiwanofungus camphoratus, shared insights into the significant overlap between human and pet diseases, noting that pets frequently suffer from conditions such as skin disorders, allergies, inflammation, cancer, and immune system dysfunctions. Steroids are commonly prescribed by veterinarians for rapid symptom relief and are widely incorporated into topical creams, eye drops, ear treatments, as well as injectable and oral medications.

However, Dr. Huang cautioned against the risks of steroid overuse, citing side effects including increased appetite, excessive thirst and urination, weight gain, hair thinning, weakened skin, lethargy, and muscle weakness. He noted that prolonged steroid dependence can lead to serious complications: studies show that 54% of affected pets develop liver disease, 15% experience secondary diabetes, and 2% may suffer irreversible adrenal insufficiency — outcomes that can be fatal.

(Left) Vincent Liu, Chief Technology Officer of C.S Group; (Right) Dr. Chia-Hsin Huang, Taiwanofungus camphoratus Advisor for C.S Group
(Left) Vincent Liu, Chief Technology Officer of C.S Group; (Right) Dr. Chia-Hsin Huang, Taiwanofungus camphoratus Advisor for C.S Group

New research presented at the conference demonstrated that Antcin A exhibits potent anti-inflammatory properties similar to steroids. Initial studies combining TF-15 (a high-concentration Antcin A extract supplied byC.S Group) with dexamethasone (DXMS) in lung cancer cell models indicated a potential synergistic effect, suggesting new pathways for safer, more effective treatment regimens. According to Valuates Reports, the global market for veterinary steroids reached $38.3 billion USD in 2021 and continues to grow annually. Introducing Taiwanofungus-derived therapies to complement or replace traditional steroids could significantly expand market potential.

Mainland China’s Pet Healthcare Market Presents Huge Opportunity

Vincent Liu, Chief Technology Officer ofC.S Group‘s R&D Center, highlighted the growing scale of China’s pet industry. Based on projections from China Asset Information Network, the Chinese pet market is expected to reach RMB 649.09 billion (approximately USD 90 billion) by 2025, driven by rising pet ownership rates and increased per-pet spending.

C.S Group ‘s Greater China operations are supported by its exclusive partner, Guangdong Baoquan Agricultural Biotechnology. Baoquan holds the distinction of being China’s first privately-owned enterprise certified by the China Agricultural Ecology Research Institute as a demonstration base for standardized Taiwanofungus camphoratus cultivation. Leveraging strong ties with agricultural and veterinary medicine authorities, Baoquan plans to apply for veterinary import licenses in the second half of this year, further accelerating market entry.

Preparing for FDA Phase I Trials and Animal Drug Manufacturing Expansion

Dalan Huang, President of C.S Group, emphasized that following confirmation of Antcin A’s non-toxic safety profile and preliminary efficacy, the company will proceed with submitting an Investigational New Drug (IND) application to the U.S. FDA for Phase I human clinical trials. These trials will assess safety, tolerability, and pharmacokinetics in preparation for broader therapeutic applications. Plans are also underway to seek animal drug registration in Taiwan and to initiate the construction of a dedicated animal pharmaceutical manufacturing facility.

Injectable steroid therapies remain a standard treatment method for pets globally, supported by growing demand for pet healthcare and livestock development. In Taiwan alone, the veterinary injectable steroid market exceeded NT$1.5 billion (approximately USD 47 million) in 2022 and is forecasted to expand at a compound annual growth rate (CAGR) of 5.2% over the next five years.

Looking ahead,C.S Group aims to build on its scalable production of Taiwanofungus camphoratus by further enhancing the extraction of active ingredients, establishing a strong pet health brand, and expanding into both the pet food and pharmaceutical sectors. Targeting markets across Asia and Southeast Asia, the company is committed to delivering safe, natural solutions for pets, earning the trust of pet owners worldwide.

Nisun International Enterprise Development Group Co., Ltd Reports Full Year 2024 Financial Results

Highlights Positive Earnings Per Share and Substantial Cash Position of $11.11/share Amidst Challenging Economic Environment

SHANGHAI, April 30, 2025 /PRNewswire/ — Nisun International Enterprise Development Group Co., Ltd (“Nisun International” or the “Company”) (NASDAQ: NISN), a technology and industry-driven financing solutions provider and an integrated supply chain solutions provider, today announced its financial results for the full year ended December 31, 2024.

Recent Achievements and Highlights (as reported in the 20-F):

  • Reported total revenue of $340.2 million for the year ended December 31, 2024.
  • Achieved net income of $5.9 million and positive earnings per share of $1.43 for the year ended December 31, 2024, including non-cash expenses of $9.2 million related to share-based compensation and $5.0 million related to provisions for bad debts.
  • Maintained a substantial cash, cash equivalents, and restricted cash balance of $45.0 million as of December 31, 2024.
  • Continued investment in technology, talent, content, brand recognition, customer base expansion, and other initiatives.
  • Successfully navigated challenges posed by the economic slowdown in 2024 by scaling down bulk trading volume to minimize losses.

Management Commentary

Mr. Xin Liu, Chief Executive Officer of Nisun International, commented on the results, “The 2024 fiscal year presented a challenging operating environment, primarily due to the economic slowdown in China. This broad economic shift led to a more cautious approach from individual investors who fund SME financings, prompting SMEs themselves to reduce their corporate finance activities to minimize risk. As a provider of technology-driven customized financing solutions to SMEs, this environment directly impacted our SME financing solutions revenue, which saw a decline. Similarly, the economic slowdown and the high volatility in commodity market prices affected our supply chain trading revenues, particularly in bulk trading, where we strategically scaled down volume to manage potential losses.”

Mr. Liu continued, “Despite these headwinds affecting our financial performance in 2024, we remain focused on our long-term strategy and believe we are well-positioned for future growth. Our comprehensive technology-driven integrated supply chain financing solutions services, launched in January 2020, and our supply chain trading business, launched in July 2021 by leveraging our high-quality customer base and resources from supply chain financing solutions, are integral to our future. In the second half of 2024, we expanded our supply chain financing business into the gold industry, resulting in a $1.9 million increase in supply chain financing revenue compared to the first half of the year. We are actively building a solid pipeline of demand from our supply chain management and commodity trading customers. We believe this focus on integrated solutions will generate much higher margin technology financing solutions business in the future once investor risk appetite recovers and market conditions improve. Our substantial cash position also provides a solid foundation as we navigate the current economic climate and invest for the future.”

Full Year 2024 Financial Results Summary

For the year ended December 31, 2024, Nisun International reported total revenue of $340.2 million, a decrease of approximately 12% from $386.7 million in the prior year. The decline was primarily attributable to decreases in revenue from SME financing solutions services and supply chain trading, driven by the economic slowdown and market volatility.

Cost of revenue for the year ended December 31, 2024, was $309.3 million, down 11% from $346.7 million in 2023, primarily reflecting the reduction in supply chain trading volume.

Gross profit was $30.9 million in 2024, a decrease of 23% from $39.9 million in 2023. The decline in gross profit was mainly due to the decrease in revenue, impacting SME financing services, supply chain financing solution services, and the supply chain trading business.

Income from operations for 2024 was $3.6 million, a decrease of 81% from $18.8 million in 2023.

Net income for fiscal year 2024 was $5.9 million, compared to $17.7 million for fiscal year 2023.

Net income per share for fiscal year 2024 was $1.43, compared to $4.46 for fiscal year 2023.

As of December 31, 2024, the Company had cash, cash equivalents, and restricted cash of $45.0 million. Net cash used in operating activities was approximately $75.7 million in 2024, primarily reflecting higher advance deposits to key suppliers and other working-capital investments that position Nisun international to secure inventory and fulfill expanding customer demand. Management views this outflow as a strategic deployment of capital that lays the groundwork for future revenue growth and higher-margin opportunities as market conditions improve.

About Nisun International Enterprise Development Group Co., Ltd.

Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN) is a technology-driven, integrated supply chain solutions provider focused on transforming the corporate finance industry. Leveraging its industry experience, Nisun International is dedicated to providing professional supply chain solutions to Chinese and foreign enterprises and financial institutions. Through its subsidiaries, Nisun International provides users with professional solutions for technology supply chain management, technology asset routing, and digital transformation of tech and finance institutions, enabling the industry to strengthen and grow. At the same time, Nisun International continues to deepen the field of industry segmentation through industrial and financial integration. Focusing on industry-finance linkages, Nisun International aims to serve the upstream and downstream of the industrial supply chain while also assisting with supply-side sub-sector reform. For more information, please visit http://ir.nisun-international.com/

Cautionary Note Regarding Forward-Looking Statements

This press release contains information about Nisun International‘s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Nisun International encourages you to review other factors that may affect its future results in Nisun International’s registration statement and in its other filings with the Securities and Exchange Commission. Nisun International assumes no obligation to update or revise its forward-looking statements as a result of new information, future events or otherwise, except as expressly required by applicable law.

 

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(EXPRESSED IN US DOLLARS)

December 31,
2024

December 31,
2023

 ASSETS

 CURRENT ASSETS:

     Cash and cash equivalents

$

45,021,759

$

114,454,844

     Restricted cash

197,096

     Short-term investments

6,882,714

12,788,629

     Accounts receivable, net

54,444,438

21,120,795

     Derivative asset

1,996,340

     Advance to suppliers, net

92,304,699

38,602,304

     Receivables from supply chain solutions

23,978,130

59,167,029

     Inventories

806,821

30,953,583

     Due from related party

1,665

     Prepaid expenses and other current assets

25,892,681

16,018,778

TOTAL CURRENT ASSETS

251,329,247

293,303,058

NON-CURRENT ASSETS:

      Property and equipment, net

358,038

881,276

      Intangible assets, net

205,032

882,828

      Right-of-use assets, net

1,608,591

2,384,590

      Equity investments

457,417

368,528

      Goodwill

17,050,800

17,659,983

      Deferred tax assets, net

412,161

418,571

TOTAL NON-CURRENT ASSETS

20,092,039

22,595,776

TOTAL ASSETS

$

271,421,286

$

315,898,834

LIABILITIES

CURRENT LIABILITIES:

       Accounts payable

$

34,630,781

$

45,463,753

       Short-term bank loans

5,274,478

1,971,859

       Accrued expenses and other current liabilities

2,930,782

7,245,358

      Operating lease liabilities – current

948,561

861,087

      Payables to supply chain solutions

4,229,793

12,947,708

      Advances from customers

7,528,352

38,153,915

      Taxes payable

3,642,427

4,145,920

      Liabilities of financial guarantee

21,725

22,335

      Due to related parties – current

267,149

274,652

TOTAL CURRENT LIABILITIES

59,474,048

111,086,587

NON-CURRENT LIABILITIES

      Operating lease liabilities – non-current

818,128

1,643,076

      Deferred tax liabilities

114,650

TOTAL NON-CURRENT LIABILITIES

818,128

1,757,726

TOTAL LIABILITIES

60,292,176

112,844,313

SHAREHOLDERS’ EQUITY*:

      Class A common stock, $0.01 par value, 30,000,000 and
         30,000,000 shares authorized, 4,725,096 and 4,017,596 shares 
         issued, and 4,538,358 and 3,952,198 shares outstanding as of
         December 31, 2024 and 2023, respectively

47,251

40,176

      Class B common stock, $0.01 par value, 1,000,000 shares
         authorized, no shares issued and outstanding as of December 31,
         2024 and 2023

     Treasury shares

(1,253,012)

(261,592)

     Additional paid-in capital

139,712,207

130,535,082

     Retained earnings

72,517,990

68,395,637

     Statutory reserves

13,229,313

11,564,250

     Accumulated other comprehensive loss

(17,491,069)

(11,474,682)

COMMON SHAREHOLDERS’ EQUITY

206,762,680

198,798,871

      Non-controlling interests

4,366,430

4,255,650

TOTAL SHAREHOLDERS’ EQUITY

211,129,110

203,054,521

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

271,421,286

$

315,898,834

 

 *

The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.

 

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(EXPRESSED IN US DOLLARS)

For the Year Ended December 31,

2024

2023

2022

REVENUES:

Revenue generated from services:

Small and Medium Enterprise financing
solutions

$

84,320,613

$

101,823,899

$

87,269,959

Supply Chain financing solutions

5,712,543

6,153,645

3,542,592

      Total revenue generated from services

90,033,156

107,977,544

90,812,551

Revenue generated from sales:

      Supply chain trading business

250,186,390

278,693,355

143,361,714

Total revenues

340,219,546

386,670,899

234,174,265

COST OF REVENUE:

Cost of revenue – services

(58,819,396)

(68,154,833)

(55,472,076)

Cost of revenue – sales

(249,887,524)

(278,002,800)

(140,880,063)

Business and sales related taxes

(600,605)

(527,336)

(772,830)

Total cost of revenue

(309,307,525)

(346,684,969)

(197,124,969)

GROSS PROFIT

30,912,021

39,985,930

37,049,296

OPERATING EXPENSES:

Selling expenses

(1,504,002)

(1,525,692)

(1,977,617)

General and administrative expenses

(19,247,560)

(10,859,011)

(10,511,542)

Research and development expenses

(1,414,437)

(1,093,457)

(1,563,718)

Bad debt expense

(5,037,951)

(2,215,016)

(4,509,634)

Goodwill Impairment Loss

(128,577)

(5,488,816)

(777,329)

      Total operating expenses

(27,332,527)

(21,181,992)

(19,339,840)

INCOME FROM OPERATIONS

3,579,494

18,803,938

17,709,456

OTHER INCOME:

Interest and investment income

1,662,646

2,557,588

2,790,768

Other income , net

320,955

2,159,301

2,021,688

      Total other income, net

1,983,601

4,716,889

4,812,456

INCOME BEFORE PROVISION FOR INCOME
TAXES

5,563,095

23,520,827

22,521,912

PROVISION FOR INCOME TAXES

(4,527,081)

(5,817,147)

(4,741,854)

NET INCOME FROM CONTINUING
OPERATIONS

1,036,014

17,703,680

17,780,058

DISCONTINUED OPERATIONS:

GAIN FROM DISCONTINUED OPERATIONS

4,863,777

NET (LOSS) FROM DISPOSAL OF
   SUBSIDIARIES IN DISCONTINUED
   OPERATIONS, NET OF TAX

4,863,777

NET INCOME

5,899,791

17,703,680

17,780,058

Net income attributable to non-controlling interests

(112,375)

(125,942)

(159,246)

NET INCOME – Nisun International’s
shareholders

$

5,787,416

$

17,577,738

$

17,620,812

OTHER COMPREHENSIVE INCOME (LOSS)

Foreign currency translation loss

(6,017,982)

(4,536,797)

(12,576,380)

COMPREHENSIVE (LOSS) INCOME

(230,566)

13,040,941

5,044,432

Comprehensive loss attributable to non-controlling
interests

1,595

65

6,231

COMPREHENSIVE (LOSS) INCOME

$

(228,971)

$

13,041,006

$

5,050,663

BASIC AND DILUTED EARNINGS PER
COMMON SHARE:

NET EARNINGS PER COMMON SHARE

$

1.43

$

4.46

$

4.42

Weighted average number of shares outstanding-
basic and diluted*

4,053,108

3,943,793

3,986,359

 

*

The financial statements give retroactive effect to the May 18, 2023 one-for-ten reverse share split.

 

 

 

NISUN INTERNATIONAL ENTERPRISE DEVELOPMENT GROUP CO., LTD AND SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 and 2022

(EXPRESSED IN US DOLLARS)

2024

2023

2022

  CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

5,899,791

$

17,703,680

$

17,780,058

    Adjustments to reconcile net income to net cash
       provided by (used in) operating activities:

       Depreciation and amortization

1,719,709

2,238,222

2,113,732

       Stock-based compensation

125,630

       Shares issued for compensation

9,184,200

31,808

185,000

       Bad debt expense

5,037,951

2,215,016

4,509,634

       Impairment of goodwill

128,577

5,488,816

777,329

       Loss on disposition of property and equipment

217,351

1,385

       Income from investments

(36,604)

(365,359)

(541,578)

       Deferred tax (benefit) expense

(118,220)

(710,672)

271,907

       Derivative asset

(182,232)

       Repurchase Treasury shares

64,080

       Changes in operating assets and liabilities:

           Accounts receivable

(34,574,649)

(3,086,600)

(2,075,274)

           Advance to suppliers, net

(56,157,685)

7,282,068

(39,859,386)

           Prepaid expenses and other current assets

(8,653,076)

(5,511,142)

(4,734,501)

           Receivables from supply chain solutions

33,997,219

(18,651,357)

11,372,841

           Inventories

29,767,783

(246,818)

(25,530,993)

           Accounts payable

(11,218,937)

5,722,300

7,693,011

           Advance from customers

(35,241,476)

16,986,750

19,085,377

           Taxes payable

(395,174)

1,478,316

(5,574,048)

           Other payables

(5,604,548)

3,232,387

           Payable to supply chain solutions

(9,165,567)

4,096,141

(15,198,883)

           Operating lease liabilities

(730,895)

(834,381)

(855,242)

           Accrued expenses and other current liabilities

374,477

(1,569,395)

1,501,078

NET CASH (USED IN) PROVIDED BY
    OPERATING ACTIVITIES

(75,687,925)

35,499,780

(28,952,923)

CASH FLOWS FROM INVESTING ACTIVITIES:

       Acquisition of property and equipment

(26,677)

(503,957)

(652,585)

       Purchase of intangible assets

(4,326)

(44,029)

(74,710)

       Cash paid in connection with acquisition, net of
           cash received

(530,322)

       Proceeds from sale of short-term investments

44,830,237

103,458,984

78,595,280

       Proceeds from sale of Derivative asset

487,609

       Proceeds from sale of Long-term investment

7,061,233

       Proceeds from investment in debt securities

14,366,013

       Proceeds from disposal of property and equipment

159,086

       Purchase of short-term investments

(39,050,962)

(104,365,028)

(51,567,746)

       Purchase of Derivative asset

(1,735,531)

       Purchase of Long-term investments

(7,430,511)

       Purchase of equity investees

(125,074)

       Sale of a business, net of cash and cash equivalents
          sold

434,174

71,514

       Repayments from loans to third parties

2,516,772

       Loans to third parties

(1,474,264)

(229,161)

(501,905)

NET CASH PROVIDED BY INVESTING
    ACTIVITIES

6,011,044

19,815,569

17,837,501

CASH FLOWS FROM FINANCING ACTIVITIES:

      Proceeds from short-term bank loans

5,350,399

1,553,471

445,831

      Proceeds from third-party loans

1,977,145

36,770,626

      Repayment of short-term bank loans

(2,116,345)

(29,961)

(1,239,983)

      Repayment of third-party loans

(2,918,399)

(2,277,954)

(41,491,973)

      Proceeds from related parties

(10,097)

      Repayment of loan from related parties

(8,028,965)

(2,500,000)

      Purchase of treasury shares

(1,055,500)

94,252

(355,844)

      Capital contribution from non-controlling interest

(35,290)

37,116

NET CASH USED IN FINANCING ACTIVITIES

(739,845)

(6,747,302)

(8,344,324)

EFFECT OF EXCHANGE RATE CHANGE ON
   CASH AND CASH EQUIVALENTS

786,545

(1,234,680)

(4,848,722)

NET (DECREASE) INCREASE IN CASH AND
   CASH EQUIVALENTS

(69,630,181)

47,333,367

(24,308,468)

CASH AND CASH EQUIVALENTS AND
   RESTRICTED CASH FROM CONTINUING
   OPERATIONS-BEGINNING

114,651,940

67,318,573

91,627,041

CASH AND CASH EQUIVALENTS AND
   RESTRICTED CASH FROM CONTINUING
   OPERATIONS-ENDING

$

45,021,759

$

114,651,940

$

67,318,573

SUPPLEMENTAL CASH FLOW DISCLOSURES:

      Cash paid for income taxes

$

5,673,350

$

4,530,963

$

10,385,495

      Cash paid for interest

$

170,745

$

29,961

$

496,932

SUPPLEMENTAL DISCLOSURE OF NON-CASH
    ACTIVITIES:

       Repayment payable for business disposition

279,037

       Receivable from disposal of subsidiary

$

$

$

289,973

             Lease liabilities arising from obtaining right-
                of-use assets

402,209

295,220

4,070,163

       Issuance of shares for share-based compensation

$

700,000

$

$

CASH AND CASH EQUIVALENTS FROM 
   CONTINUING OPERATIONS ARE
   COMPRISED OF THE FOLLOWING:

Cash and cash equivalents

$

45,021,759

$

114,454,844

$

63,901,329

Restricted cash

197,096

3,417,244

Total cash, cash equivalents and restricted cash

$

45,021,759

$

114,651,940

$

67,318,573

 

 

e& achieves AED 16.9 billion consolidated revenue growing 18.7% YoY in Q1 2025

  • Consolidated net profit increased to AED 5.4 billion, reflecting a 129.9 per cent increase year-on-year growth. Excluding the impact of Khazna transaction, net profit increased by 19.1 per cent year-on-year. The proceeds of USD 2.2 billion were received and utilised to reduce the group’s debt balance in April
  • EBITDA reached AED 7.4 billion, increasing 15.4 per cent YoY
  • Total Group subscribers grew to 194.8 million
  • e& became the “World’s Fastest Growing Brand” with a brand portfolio and investment value exceeding US$ 20 billion

ABU DHABI, UAE, April 30, 2025 /PRNewswire/ — e& has delivered a strong start to 2025, continuing its trajectory of growth and digital leadership. The group posted strong performance across key financial indicators, reflecting the strength of its strategy and rising impact as a global technology group.

e& GCEO, Hatem Dowidar
e& GCEO, Hatem Dowidar

Consolidated revenue increased to AED 16.9 billion, growing 18.7 per cent year-on-year (YoY), while consolidated net profit increased to AED 5.4 billion — a growth of 129.9 per cent compared to the same period last year. The Group’s EBITDA reached AED 7.4 billion, growing 15.4 per cent YoY.

The Group’s total subscriber base reached 194.8 million, an increase of 12.9 per cent YoY, while the number of e& UAE subscribers reached 15.3 million, underscoring the continued demand for e&’s next-generation connectivity, AI-powered solutions, and innovative digital experiences.

Financial Highlights for Q1 2025

Q1 2025

Q1 2024

Per cent change

Consolidated Revenue

AED 16.9 billion

AED 14.2 billion

18.7 %

Consolidated Net Profit

AED 5.4 billion

AED 2.3 billion

129.9 %

EBITDA

AED 7.4 billion

AED 6.4 billion

15.4 %

Total Group Subscribers

194.8 million

172.6 million

12.9 %

e& UAE Subscribers

15.3 million

14.5 million

5.3 %

Hatem Dowidar, Group Chief Executive Officer of e&, said: “Q1 2025 marks another milestone in e&’s journey, with a strong performance across all fronts. Our consolidated revenue reached AED 16.9 billion while EBITDA amounted to AED 7.4 billion, growing year over year by 18.7% and 15.4%, respectively and benefiting from disciplined execution, dedicated customer focus and guided by our vision of being a global technology company.

“What sets e& apart is our ability to innovate, scale and deliver while navigating a competitive global landscape— from embedding AI across our business and deploying the region’s most advanced 5G networks, to expanding our footprint across three continents with the e& PPF Telecom investment at the end of 2024, we are building a digital ecosystem that empowers individuals, businesses, and governments. We are not only growing — we are shaping the digital future with intent, impact, and global ambition.

Strong first quarter results was crowned with the successful monetisation of our stake in the Khazna business at a lucrative valuation towards the end of March.

“These outcomes are not aspirational — they are clear proof points. We are translating our ambition into measurable performance via achieving robust financial performance, retaining our network leadership, scaling our footprint across high-potential markets and optimising our assets profile to create a sustainable value for our shareholders.”

Key Operational Highlights

e&

e& started 2025 with strong momentum, earning the ranking of “World’s Fastest Growing Brand” in the Brand Finance Global 500 report. e& received a AAA rating and a brand strength score of 84.6, ranking among the top 10 most valuable telecom brands worldwide. Its brand portfolio and investment value exceeded US$ 20 billion in 2025.

e& completed the divestment of its 40% stake in Khazna for a value of USD 2.2 billion (equivalent to AED 8.0 billion). The move reflects a strategic effort to unlock value, sharpen focus on core businesses and optimise its portfolio. It also enhances shareholder returns, strengthens financial flexibility, and reinforces e&’s commitment to long-term growth.

Maroc Telecom and Inwi (Wana Corporate) signed an expanded partnership to accelerate Morocco’s fibre optic and 5G rollout. The agreement includes the formation of two joint ventures: one focused on the deployment of fiber-optic passive infrastructure and the other dedicated to the rollout of new telecommunications towers. The partnership is still subject to obtaining the needed regulatory approvals.

In Davos, e& unveiled an innovative AI and Generative AI governance solution, developed in collaboration with IBM, to promote ethical, transparent and secure deployment of AI technologies. This framework supports compliance and risk oversight across the Group’s expanding AI ecosystem, reinforcing e&’s commitment to responsible innovation.

A joint study with the IBM Institute for Business Value, titled MENA’s AI Advantage: Opportunity to Leap Ahead and Lead,” explored the region’s potential to become a global AI leader. The report revealed that 65 per cent of MENA-based CEOs are championing Generative AI adoption – outpacing the global average – and highlighted how public-private collaboration, infrastructure investment, and skills development are accelerating AI integration across industries.

In an academic partnership, e& signed an MoU with NYU Abu Dhabi to advance research and development on 6G technology. The collaboration aims to bridge the gap between academia and industry, offering students early exposure to next-generation technologies while positioning the UAE as a hub for future connectivity.

Community empowerment also remained front and centre. In Q1, e& teamed up with The Butterfly, Wollongong University and Zayed University to launch a career exploration programme for People of Determination, providing university students and recent graduates with a supportive, inclusive platform to develop skills and explore professional pathways.

e& Carrier & Wholesale Services (C&WS) reaffirmed its position as a regional powerhouse by enhancing global connectivity and integrating AI across its operations. These efforts are opening up new commercial pathways for digital services at scale, while keeping pace with the demands of an increasingly data-driven global economy.

A major highlight of the quarter was the expansion of the Fujairah SmartHub Campus, with the addition of a fourth Tier-III data centre. The new facility added 1.5 MW of capacity, bolstering the UAE’s digital backbone and strengthening interconnectivity across the Middle East. The campus continues to serve as a vital gateway for global traffic flows, regional content hosting and low-latency cloud services.

In a joint effort with the UNDP and GSMA, e& introduced an AI-powered Social and Climate Platform that turns real-time, non-conventional data into actionable insights for policymakers across the Arab States and beyond. The initiative showcases how AI can be a force for inclusive, data-driven development, aligning with the Group’s broader sustainability agenda.

e& UAE

e& UAE started Q1 2025 with a series of product innovations and partnerships designed to meet evolving consumer expectations while reinforcing its leadership in connectivity and digital services.

Responding to growing demand for high-speed connectivity, the business launched Neo Home, a new line of 1Gbps fibre plans. Tailored for modern households, Neo Home offers seamless streaming, faster downloads, and customisable TV add-ons—delivering speed and flexibility.

e& UAE successfully completed the first phase of integrating AI into its private cloud for operations. This initiative, powered by Intel’s advanced AMX technology and Cisco’s cutting-edge networking and data centre solutions, aims to elevate e& UAE’s operational efficiency by leveraging AI and developing AI use cases across its business operations.

e& UAE deepened its collaboration with Samsung to bring the latest generation of AI-powered mobile experiences to customers across the country. The partnership reflects a shared commitment to delivering more intuitive, context-aware technologies that enhance everyday life and support the growing demand for smart, seamless connectivity.

e& UAE has also launched a Kids SIM Card with flexible plans and a free Parental Control Service, offering features like content filtering, screen time limits, and social media monitoring to ensure a safe digital experience for children.

In a push to empower the country’s SMB ecosystem, e& UAE partnered with AI platform Aleria to offer tailored solutions that enhance decision-making, operational efficiency, and cost management. These tools reflect e&’s commitment to enabling businesses of all sizes to thrive in a competitive digital economy.

On the enterprise side, e& UAE deepened its partnership with Microsoft, deploying M365 Copilot at scale to drive AI-powered workplace transformation. The large-scale rollout is already enhancing productivity and automating workflows across the organisation, accelerating its digital transformation journey.

e& UAE and Microsoft launched the AI for Business Skilling Programme, an initiative designed to equip Small and Medium-sized Businesses (SMBs) with essential AI skills. This initiative underscores both companies’ commitment to fostering AI-led digital transformation and empowering SMBs with the knowledge and tools needed to thrive in today’s AI-driven business landscape.

In partnership with Kindred, the business continued to align innovation with sustainability through the “Save & Grow” initiative. Available via the e& UAE app, the programme combines eco-conscious shopping with financial incentives. Users earn discounts while supporting tree planting and sustainable practices across a network of over 9,000 online retailers.

In collaboration with Open Innovation AI, e& UAE has launched a dedicated AI Lab to develop localised AI solutions, accelerate innovation, and support the UAE’s goal of becoming a global AI leader by 2031. The lab will focus on sectors like government, healthcare, finance, and education, while also nurturing a skilled AI workforce.

Meanwhile, Smiles, e& UAE’s all-in-one lifestyle and rewards app, announced a new collaboration with Tencent Cloud – the powerhouse behind WeChat – which is set to elevate digital commerce capabilities in the UAE. Smiles also partnered with Amazon.ae to offer users up to six months of Amazon Prime at discounted rates, redeemable using Smiles points. These moves reinforce Smiles’ mission to deliver everyday value through strategic, customer-first innovation.

The General Authority of Islamic Affairs, Endowments and Zakat (AWQAF UAE) entered into a cooperation agreement with e& UAE. This partnership aims to develop a digital system that enhances the experiences of worshippers in mosques across the country. The initiative focuses on improving the management of mosque facilities and services, aligning with the UAE’s broader digital transformation goals.

This collaboration reflects the UAE’s commitment to integrating technology into religious and community services, ensuring that worshippers benefit from modern, efficient, and user-friendly environments.

e& UAE joined as a main partner of the Fathers’ Endowment campaign; an initiative launched during Ramadan under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum. The campaign aims to establish a sustainable AED 1 billion endowment fund to provide healthcare for underprivileged patients, honouring fathers across the UAE.

As part of its contribution, e& leveraged its platforms to facilitate donations, including SMS campaigns and the Smiles app. Additionally, e& offered a selection of premium mobile numbers for auction at the Most Noble Number charity event held in Dubai.

e& life

e& life continued to shape digital experiences, pushing the boundaries of fintech, lifestyle, and entertainment through compelling innovation and AI-driven advancements.

Careem Technologies built strong momentum, with Gross Transaction Value (GTV) surging 160 per cent compared to Q1 2024. This robust growth, fueled by increased user engagement through Careem Plus, reinforced Careem’s essential role in the everyday lives of users, especially during high-demand periods like Ramadan.

e& money reached a major milestone, surpassing 1 million cards issued. Its trusted fintech platform continued to grow significantly, providing users with reliable, efficient, and secure financial interactions, driven by enhanced AI capabilities that streamlined remittance services and ensured smooth user experiences.

STARZ ON sustained powerful traction, surpassing 8 million installs and achieving impressive user engagement. The launch of evision studios in Q1 marked a strategic expansion into original content, highlighted by exclusive Ramadan originals such as “Flavors from the Heart” and “CoffeeCature,” creating culturally resonant viewing experiences and driving deeper audience connections.

e& enterprise

e& enterprise made bold strides in Q1 2025, continuing to shape the region’s digital transformation journey through strategic partnerships and future-ready technologies.

In a progressive move for smart healthcare, the business also teamed up with RAIN Technology to introduce Orva, the world’s first AI-powered Operating Room voice assistant. Now being rolled out across hospitals in the Middle East and Africa, Orva is transforming surgical workflows by improving efficiency, enhancing patient safety, and reducing operational costs. It’s a tangible example of how AI is reshaping the healthcare experience — not just for clinicians, but for patients too.

haifin, an e& enterprise company, has partnered with Vodacom Business, a unit of Vodacom South Africa, to launch Saif, a trade finance derisking platform. This platform is set to transform South Africa’s banking industry, marking a significant stride towards digital transformation and a more resilient banking ecosystem.

e& international

e& international strengthened its global position during Q1 2025 by scaling its infrastructure, investing in digital capabilities and expanding its reach into high-growth regions.

e& PPF Telecom Group strengthened its strategic collaboration with an agreement to acquire 100 per cent of Serbia Broadband (SBB), one of Central and Eastern Europe’s largest telecom and media operators.

e& played a key role in the successful landing of the Africa-1 submarine cable in Karachi, Pakistan, as part of a global consortium led by major telecom operators. Spanning 10,000 kilometres, the high-capacity cable links Pakistan with key international destinations, including the UAE, Saudi Arabia, Egypt, Kenya and France. The project reflects e&’s ongoing commitment to strengthening digital infrastructure across the region and supporting Pakistan’s Digital Vision 2030.

Furthermore, PTCL Flash Fiber maintains its number one position in fibre-to-the-home (FTTH) in Pakistan, with over 700,000 subscribers.

In January, e& Egypt announced the launch of Wi-Fi calling services in Egypt, in collaboration with the National Telecommunications Regulatory Authority. This innovative solution delivers more possibilities for customers, enabling high-quality voice calls over Wi-Fi networks with the normal minute rate charge.

In Saudi Arabia, Mobily was recognised as the Fastest Growing Telecommunications Brand in the Middle East. Mobily achieved a +140 per cent increase in brand value over the last five years.

e& PPF Telecom Group continues to earn international acclaim for mobile excellence across its European markets. Yettel Hungary was named the Fastest Mobile Network by Ookla at MWC Barcelona, while the Group received global recognition in OpenSignal’s Mobile Experience Report for outstanding performance in reliability, gaming, and voice app experience — particularly in Slovakia and Hungary, with Bulgaria and Serbia excelling in reliability.

In addition, Yettel Bulgaria secured its 8th consecutive umlaut Best-in-Test award, scoring an impressive 957/1000. The group also celebrated two silver wins at the International Customer Experience Awards, recognising Yettel’s leadership in learning and development and digital transformation. The Yettel mobile app was also recognised as the top-rated telecom app in Bulgaria with more than 1.5 million downloads and a 4.5-star rating.

The company signed an MoU with KCell JSC under the Partner Markets Programme to enhance efficiency and cost-effectiveness in joint operations. This collaboration underscores a commitment to large-scale digital transformation, leveraging advanced technologies to optimise network infrastructure for improved performance and reliability.

Nancy Sudheer (Senior Manager at e& nsudheer@eand.com) +971 50 705 5290

e& Q1 2025 Financial Results
e& Q1 2025 Financial Results

 

e& Q1 2025 Financial Results
e& Q1 2025 Financial Results