EITCs revenues reach Dhs36b in Q2

Emirates Integrated Telecommunications Company (EITC), announced its financial results for the second quarter of 2024. The company’s revenues increased by 7.3% to Dhs3.6 billion demonstrating our strong product offerings and earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 3.2% to Dhs1.6 billion reflecting the top line growth.

EITC’s net profit reached Dhs581 million, a 46.3% increase year over year primarily reflecting the strong EBITDA growth. Capex was at Dhs442 million, while Operating Free Cash Flow (EBITDA – Capex) was  at Dhs1.1 billion, a 10.9% increase year over year.

Other revenues increased by 12.7% to Dhs998 million, driven by strong growth in revenues from ICT and wholesale services.

The company mobile customer base grew 2.9% year-over-year to 8.2 million subscribers, while tapering over the quarter, reflecting the typical seasonality impact. The postpaid customer base grew by 11.3% year over year to 1.7 million subscribers highlighting the continuing success of consumer product launches such as “du Smart Car”.

The prepaid customer base grew by 0.9% to 6.5 million customers with voice and data growth offset by a normalisation of the tourist influx. The Fixed customer base rose by a strong 12.7% year-over-year to 630,000 subscribers.

Malek Al Malek, Chairman of EITC said: “The first half of 2024 saw EITC deliver another record set of results. The management remained focused on strategy execution, delivering profitable growth in our core business and beyond and creating value to our shareholders.  In light of our sustained strong performance and healthy balance sheet, I am pleased to announce that the Board of Directors approved the distribution of an interim cash dividend of Dhs0.20 per share, representing an increase of 53.8% compared to interim dividends of 2023. ”