DUBAI (WAM)

Emirates Integrated Telecommunications Company (EITC) PJSC has announced a 54.2 per cent net profit spike in the first half of 2024 (H1 2024) to Dh1.184 billion, compared to Dh768 in H1 2023. Meanwhile, the company's revenue grew 5.7 per cent to Dh7.174 billion, compared to Dh6.787 billion in H1 2023.

In its Q2 2024 financial results report issued on Monday, EITC announced that its net profit reached Dh581 million, a 46.3 per cent increase year-on-year (YoY), primarily reflecting the strong EBITDA growth of 3.2 per cent YoY to Dh1.6 billion. The company's revenues increased by 7.3 per cent YoY to Dh3.6 billion demonstrating our strong product offerings.

Key operating highlights included an uptick of 2.9 per cent YoY in EITC's mobile customer base to 8.2 million subscribers, while the postpaid customer base grew by 11.3 per cent YoY to 1.7 million subscribers. As for the company's fixed customer base, it rose 12.7 per cent YoY to 630,000 subscribers, with net additions of 15,000 subscribers over the quarter. 

Malek Al Malek, Chairman of EITC, said, “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, said, “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 and the launch of new innovative consumer products."