EITC net profit up by 26.2 per cent

Emirates Integrated Telecommunications Company (EITC) published its financial results for the quarter-ended 30 June 2022. The company revenues increased by 9.9% to Dhs3.14 billion on sustained demand for broadband and mobile services. EBITDA improved by 12.1% to Dhs1.27 billion thanks to a sharp increase in service revenues and gross margin expansion.

EITC’s net profit increased by 26.2% to Dhs303 million. Operating Free Cash Flow grew 47.7% to Dhs 709 million thanks to higher EBITDA and Capex spend that is beginning to normalise.

On the basis of these results, the Board of Directors approved an interim cash dividend of Dhs0.11 per share representing a 10% increase over the previous year’s interim dividend.

The company mobile customer base grew 13.0% to 7.4 million subscribers. The sustained performance of our postpaid segment with net-additions of 24,000, a fourth consecutive quarter of growth, to reach 1.4 million subscribers. We ended the quarter with 6.1 million prepaid customers.

Malek Al Malek, Chairman commented: “EITC delivered an excellent set of results. The recovery trend seen towards the end of last year, is morphing into a growth trajectory that is driving revenues back to pre-COVID levels and an improvement in profitability. We are maintaining a dynamic and proactive commercial approach: we will continue launching new products and services for the benefit of our customers. Our transformation projects, a key enabler of these commercial initiatives, are progressing according to plan. With these elements in mind and on the basis of our solid results, I am pleased to announce that the Board of Directors approved the distribution of an interim cash dividend of Dhs 0.11 per share.”

Fahad Al Hassawi, CEO said: “I am really delighted by this quarter’s performance. We have delivered three consecutive quarters of improvements and growth. Crucially, our service revenues have been and will continue to be a significant driver of profitability. Q2’22 service revenues have reached a three-year high. Our commercial and investment efforts continue to bear fruits.