UAE’s du, the telecommunications arm of the Emirates Integrated Telecommunications Company (EITC), has reported a remarkable surge in its net profit for the first half of 2024 (H1 2024), recording a 54.2 percent increase to AED1.184 billion ($322.35 million), compared to AED768 million ($209.09 million) in H1 2023. Simultaneously, the company’s revenue grew by 5.7 percent to AED7.174 billion, up from AED6.787 billion in the same period last year.
In its Q2 2024 financial results report, EITC announced that its net profit reached AED581 million, a 46.3 percent increase year-on-year (YoY). This impressive performance was primarily driven by a 3.2 percent YoY increase in EBITDA, which reached AED1.6 billion. The company’s revenues also saw a 7.3 percent YoY growth, reaching AED3.6 billion, reflecting the strength of its product offerings.
Subscriber growth across the board
Key operational highlights included a 2.9 percent YoY increase in EITC’s mobile customer base, which now stands at 8.2 million subscribers. The company’s postpaid customer base also grew by 11.3 percent YoY, reaching 1.7 million subscribers. In the fixed customer segment, EITC recorded a 12.7 percent YoY increase, with the customer base reaching 630,000 subscribers, adding 15,000 new subscribers during the quarter.
Strategic focus drives record performance in H1
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.”
Growth in subscribers, revenue, profits and cash flow
Fahad Al Hassawi, CEO of EITC, commented, “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 a 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.”
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