BASED ON PRESS RELEASE: BY DU ON OCT 31, 2023
Emirates Integrated Telecommunications Company PJSC (EITC) announced its financial results for the quarter ended September 30, 2023, showcasing an exceptional performance with a remarkable 57.7% increase in Net Profit, reaching AED 504 million. This figure represents the highest quarterly net income achieved by the company over the past three years.
Operating Highlights:
- EITC’s mobile customer base expanded by 9.4% year-over-year to 8.1 million subscribers, reflecting the company’s success in retaining and attracting customers through innovative products and services.
- The enterprise sector’s growing demand for mobile services, combined with steady consumer segment growth, led to a ninth consecutive quarter of postpaid net additions, totaling 32,200 subscribers. Total postpaid subscribers reached 1.6 million.
- Prepaid customer base grew by 9.2% year-over-year, closing at 6.5 million customers, driven by attractive offerings.
- The fixed customer base continued its double-digit growth, reaching 573,000 broadband customers.
Financial Highlights:
- Total revenues increased by 3.7% to AED 3.3 billion, with mobile service revenues growing by 5.7% and fixed services revenues experiencing a 5.3% growth.
- EBITDA rose by 13.8% year-over-year to AED 1.48 billion, primarily driven by higher service revenues and an improved gross margin.
- Net Profit surged by 57.7% to AED 504 million, attributed to higher EBITDA, increased interest income, and one-off reversals.
Operational Achievements:
- EITC continued its focus on deploying its 5G network, achieving 98.5% coverage and significantly enhancing indoor coverage.
- The company introduced new products and services, such as the Business Starter offering and Esaad promotions, while expanding partnerships with government and private sectors, including MOHRE and GoDaddy.
- During the quarter, EITC added 85,700 mobile customers, 32,200 postpaid, and 53,500 prepaid, along with 13,800 fixed customers.
Statement from CEO Fahad Al Hassawi:
“We are pleased to report exceptional growth across all our financial and operational metrics, achieving our highest quarterly net income in three years. This outstanding performance underscores our strategic execution, commercial agility, and commitment to innovation.”
