EITC revenues reach Dhs3.58b in Q1

Emirates Integrated Telecommunications Company (EITC) published on Monday its financial results for Q1 2024. The company’s revenues increased by 4.1% to Dhs3.58 billion reflecting continuous commercial momentum and market competitiveness.

EITC’s EBITDA soared by 16.2% to Dhs1.59 billion reflecting top line growth, margin expansion as well as continued focus on enhancing operational efficiency. EBITDA margin expanded by 4.6 points to reach an impressive 44.3%.

The company net profit reached Dhs603 million, a substantial 62.7% increase year on year primarily reflecting the strong EBITDA growth. Capex was at Dhs359 million, while Operating Free Cash Flow (EBITDA – Capex) for the year was up 28.2% to Dhs1.2 billion.

Fahad Al Hassawi, EITC’s CEO, commented: “2024 has kicked off on an extremely positive note. We strengthened our position as a major operator in the telecommunications industry by delivering an excellent operational and financial performance and executing on our strategic initiatives in core and non-core areas of our business. We expanded our customer base and achieved robust revenue growth, underscoring the strength of our offerings and our unwavering commitment to excellence. We have further optimized our operations, thus significantly boosting our bottom line. Looking ahead, we are confident in our ability to sustain this positive momentum and we will continue to innovate and lead in the rapidly evolving telecom landscape while creating long-term value for our stakeholders.”

On April 1st, the company launched its digital financial services under the brand “du Pay” to provide transformative fintech solutions for UAE residents. This is a significant milestone that supports the UAE’s commitment to fostering innovation, competition, and financial inclusion. Leveraging du’s robust brand identity and extensive customer reach, “du Pay” is poised to accelerate the transition towards a cashless economy and digitalization by providing unparalleled financial services.