EITC’s profit soars to Dhs504m in Q3

Emirates Integrated Telecommunications Company (EITC) announced its financial results for the quarter-ended 30 September 2023, with net profit that soared by a remarkable 57.7% to Dhs504 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 revenues to Dhs3.3 billion. EBITDA rose by 13.8% to Dhs1.48 billion and Operating cash flow increased by 65.1% to Dhs956 million.

The company’s mobile customer base grew 9.4% year-over-year to 8.1 million subscribers, demonstrating its ability to retain and attract new customers through the provision of innovative products, services and solutions. The rising demand from the enterprise sector for mobile services coupled with steady growth in the consumer segment delivered a ninth consecutive quarter of postpaid net-additions (32,200) with total postpaid subscribers reaching 1.6 million. Prepaid customer base grew 9.2% year-over-year closing at 6.5 million customers, driven by attractive and unique offerings.

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.”