Dubai-listed Emirates Integrated Telecommunications Company (EITC), the operator of du and Virgin Mobile brands in the UAE, said third-quarter net profit was the highest in three years thanks to solid topline growth and customer base expansion.
Net profit rose 43 percent year on year to AED719 million ($196 million), as revenue rose 9 percent annually to AED3.6 billion.
Nine-month bottom line rose 50 percent to AED1.9 billion compared to AED1.3 billion. Topline rose 7 percent year on year to AED10.8 billion.
The fixed customer base reported a strong year-over-year growth of 14 percent, reaching 655,000 subscribers, with 24,000 net additions this quarter and 81,000 over the past 12 months. The growth was driven by the company’s fibre and home wireless offerings.
The mobile customer base grew 2.7 percent year on year, reaching 8.3 million subscribers with 71,000 net additions in the third quarter and 218,000 over the past 12 months.
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The growth was driven by a 12.5 percent increase in the postpaid subscriber base supported by B2B initiatives and attractive consumer offers. Meanwhile, the prepaid customer base remained stable at 6.5 million.
Capital expenditure stood at AED511 million in Q3 2024, down from AED527 million in Q3 2023.
“We remain confident in achieving our targets and have reaffirmed our 2024 guidance,” said CEO Fahad Al Hassawi.