Abu Dhabi-listed telco e& reported consolidated revenues of AED28 billion ($7.7 billion), rising 6 percent year on year (YoY), as the industry showed strong performance among the Gulf’s main operators.
Net profit grew by 17 percent to AED5.5 billion, driven by growth in local and international markets.
Net earnings for the second quarter rose to AED3.2 billion from AED2.5 billion a year earlier. The top line grew 4 percent to AED14 billion.
The subscriber base reached 175 million, growing 6 percent annually. The total number of UAE subscribers stood at 15 million, up 5 percent year on year.
The board approved an interim dividend of 41.5 fils per share for the first half of 2024. The dividend policy stipulates an incremental increase of AED0.03 per share annually for 2024, 2025, and 2026.
Du reports stronger subscriber base
Emirates Integrated Telecommunications Company (EITC), which operates the Du and Virgin mobile brands in the UAE, reported a 46 percent jump year on year in net profit to AED581 million ($158 million) as subscriber numbers also increased.
The mobile customer base reported a 3 percent yearly jump to 8.2 million subscribers, but tapered quarter on quarter due to a seasonal impact. The postpaid customer base was up 11.3 percent year on year to 1.7 million subscribers.
Ooredoo and Stc earnings rise
Similarly positive, Ooredoo Group, the Qatari telecommunications company, said net earnings attributable to shareholders rose 4 percent year on year to QR1.9 billion ($512 million) in the first six months of 2024, driven by strong performance in its core markets.
However, total customer base fell 4 percent year on year to 150 million by the end of H1.
Saudi telco giant Stc also reported a good secodn quarter, with net profit up 10 percent to SAR3.3 billion ($880 million), spurred by higher revenues along with lower operating expenses as well as tax and Zakat charges.