Home » du net profits grow 57.7% to AED504 million in Q3-23

du net profits grow 57.7% to AED504 million in Q3-23

by Dubaiforum

DUBAI, 30th October, 2023 (WAM) – Emirates Integrated Telecommunications Company PJSC (“EITC”) announced its financial results for the quarter-ended 30 September 2023, with net profit that soared by a remarkable 57.7% to AED504 million, its highest quarterly level over the last three years.

The sustained demand for postpaid mobile and fixed services resulted in service revenues growth of 5.5%, pushing the total quarterly reveues to AED 3.3 billion. EBITDA rose by 13.8% to AED 1.48 billion and Operating cash flow increased by 65.1% to AED 956 million, the company said in a statement today.

“Revenues grew 3.7% to AED 3,291 million. Mobile service revenues continue to grow at a steady pace, recording a 5.7% growth to AED 1,525 million. Fixed services revenues were at AED 939 million, registering another quarter of consistent growth at 5.3%. In aggregate, service revenues increased 5.5% to AED 2,464 million. Other revenues recorded a slight decline of 1.5% to AED 827 million due to lower hubbing and handset revenues partially offset by the growth in roaming and ICT service revenues,” added the statement.

Fahad Al Hassawi, CEO said: “We were able, once again, to deliver an excellent quarter recording growth on all our financial and operational KPIs and to report the highest quarterly net income over the last 3 years. This outstanding financial and operational performance reflects the disciplined execution of our strategy, our commercial dynamism and the continuous innovation that we have been bringing to the market.

“During this quarter, we have been very active pushing further the deployment of our 5G network which reached 98.5% coverage and is now transporting significant part of our traffic. We continued innovating through the products and services we offer, which now includes the Business Starter offering and Esaad promotions. We also continued expanding our partnerships with the government and private sectors, such as MOHRE and GoDaddy. By end of the quarter, we added 85,700 mobile customers, 32,200 postpaid and 53,500 prepaid, and 13,800 fixed customers.

“The growth of our quarterly service revenues at 5.5%, coupled with a rigorous management of our cost base allowed us to register a double-digit growth on all our major profitability KPIs: 13.8% on EBITDA, 65.1% of Operating cash flow and 57.7% on Net Profit. We continue to invest in our IT infrastructure and 5G rollout to enhance our customer experience and to create and unlock shareholder value while conducting our transformation journey towards a leading digital telco.”

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