Emirates Integrated Telecommunications Company (du) announces outstanding financial results for 2024. The telecom achieved a record-breaking financial and operational performance, with net profit rising by 49.1 percent to AED 2.49 billion and company revenues growing by 7.3 percent to AED 14.64 billion, according to a report from state media.
Based on these results, du’s board of directors have proposed an annual dividend of 54 fils per share, marking a 59 percent increase, the highest dividend in the history of du, the report said.
The 2024 performance exceeded the guidance for the year as EBITDA margin reached 44.2 percent, expanding by 1.7 percentage points with EBITDA increasing by 11.6 percent, according to the report. The company’s net profit growth underscores the group’s ability to drive both top-line expansion and bottom-line improvement.
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Revenue in the fourth quarter of 2024 grew by 8.8 percent year-over-year, reaching AED 3.9 billion. FY 2024 revenues reached AED 14.6 billion, a 7.3 percent increase year-over-year exceeding the companys’s guidance of 5-7 percent growth, and with growth across all segments. This was driven by du’s supportive environment and growing market share in Mobile and Fixed services as well as the expansion of ICT offerings.
Q4 Mobile service revenues increased by 8.0 percent year-over-year to AED 1.7 billion. FY2024 Mobile revenues grew by 7.3 percent to reach AED 6.5 billion primarily driven by the growth of customer base, including higher tourism activity and improved mix with strong growth in the postpaid segment and focus on high ARPU products, the company said.
Malek Sultan Al Malek, Chairman, commented: “In 2024, we made significant progress in our transformation journey from a traditional telecom operator to a comprehensive digital services provider, supported by UAE’s resilient economy and ambitious digital agenda. The introduction of the du Tech and du Infra sub-brands enhances our B2B service offerings and caters more effectively to specific market segments. The launch of du Pay challenges the status quo, promoting financial inclusion, accessibility and security.”
