du net profits grow 57.7% to AED504 million in Q3, 2023

HiDubai Newswire -

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.

CEO Fahad Al Hassawi highlighted the company's stellar quarter, marked by robust growth across financial and operational KPIs, resulting in the highest quarterly net income in 3 years. This success underscores the effective strategy execution, commercial agility, and continuous market innovation. They expanded the 5G network to cover 98.5% and launched new products like Business Starter and Esaad promotions. Partnerships with MOHRE and GoDaddy expanded their reach. Customer acquisition included 85,700 mobile, 32,200 postpaid, 53,500 prepaid, and 13,800 fixed customers. With a 5.5% rise in service revenues and efficient cost management, EBITDA grew by 13.8%, operating cash flow by 65.1%, and net profit by 57.7%. Ongoing investments in IT infrastructure and 5G rollout aim to enhance customer experience and shareholder value, aligning with their transformation into a leading digital telco.

News Source: Emirates News Agency