Emirates Integrated Telecommunications Company (EITC) PJSC has announced an impressive 54.2% increase in net profit for the first half of 2024 (H1 2024), reaching AED 1.184 billion compared to AED 768 million in H1 2023. The company's revenue also experienced notable growth, rising by 5.7% to AED 7.174 billion, up from AED 6.787 billion during the same period last year.
In its Q2 2024 financial results report issued today, EITC revealed a net profit of AED 581 million, marking a 46.3% year-on-year (YoY) increase. This robust growth reflects a significant EBITDA increase of 3.2% YoY to AED 1.6 billion. Additionally, the company's revenues rose by 7.3% YoY to AED 3.6 billion, underscoring the strength of its product offerings.
Key operational highlights for EITC included a 2.9% YoY increase in its mobile customer base, now standing at 8.2 million subscribers. The postpaid customer base saw an 11.3% YoY growth, reaching 1.7 million subscribers. Meanwhile, the company's fixed customer base grew by 12.7% YoY to 630,000 subscribers, with 15,000 net additions over the quarter.
Malek Al Malek, Chairman of EITC, stated,
"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 for our shareholders. The company remained at the forefront of technological innovation to offer the best experience to our customers in areas including Fintech and AI."
Fahad Al Hassawi, CEO of EITC, added,
"Our unwavering commitment to excellence, our focused strategy, and efficient resource management have enabled us to deliver another strong operational and financial performance in the second quarter of the year. We have grown our subscriber base, revenues, profitability, and cash generation, solidifying the stellar start we made this year. Our commercial momentum led to strong growth in our service revenues in Q2, buoyed by significant large enterprise deals with a robust pipeline of new projects as well as the launch of new innovative consumer products."
EITC's performance in H1 2024 underscores its successful strategic execution and solidifies its position as a leading player in the telecommunications sector. Driven by innovation and a customer-centric approach, the company continues to set benchmarks in the industry.
News Source: Emirates News Agency
