Company reports a 54.2% increase in net profit for the first half of 2024
In a groundbreaking financial announcement, Emirates Integrated Telecommunications Company (EITC) PJSC has reported an astonishing 54.2 per cent net profit increase in the first half of 2024 (H1 2024) to Dh1.184 billion. This surge in profits, compared to Dh768 million in H1 2023, showcases the company’s strong financial performance and strategic growth initiatives. Additionally, EITC’s revenue saw a noteworthy 5.7 per cent growth, reaching Dh7.174 billion in H1 2024, compared to Dh6.787 billion in the same period last year.
The unveiling of EITC’s Q2 2024 financial results further solidified its position as a leader in the telecommunications industry. The company announced a net profit of Dh581 million, marking a substantial 46.3 per cent increase year-on-year. This impressive financial outcome can be attributed to the robust EBITDA growth of 3.2 per cent year-on-year to Dh1.6 billion. Furthermore, EITC’s revenues experienced a notable 7.3 per cent year-on-year increase, reaching Dh3.6 billion, showcasing the company’s strong product offerings and market relevance.
Key operating highlights from the financial report included a 2.9 per cent year-on-year increase in EITC’s mobile customer base, which now stands at 8.2 million subscribers. The postpaid customer base also saw significant growth, with an 11.3 per cent year-on-year increase to 1.7 million subscribers. Additionally, the company’s fixed customer base expanded by 12.7 per cent year-on-year to 630,000 subscribers, with a net addition of 15,000 subscribers over the quarter.
Malek Al Malek, Chairman of EITC, lauded the company’s stellar performance in the first half of 2024, emphasizing the management’s dedication to strategy execution and value creation for shareholders. Al Malek highlighted EITC’s commitment to technological innovation, particularly in areas such as Fintech and AI, to enhance customer experience and drive sustainable growth.
Fahad Al Hassawi, CEO of EITC, echoed Al Malek’s sentiments, attributing the company’s strong operational and financial performance in Q2 2024 to its unwavering commitment to excellence and efficient resource management. Al Hassawi emphasized the growth in subscriber base, revenues, profitability, and cash generation, underscoring EITC’s continued success and market resilience. The CEO also pointed to the significant growth in service revenues in Q2, driven by large enterprise deals and the launch of innovative consumer products.
The impressive financial results and strategic growth initiatives showcased by EITC in the first half of 2024 underscore its position as a key player in the telecommunications industry. With a focus on innovation, customer experience, and sustainable growth, EITC is poised for continued success in the dynamic market landscape.
As EITC continues to drive innovation and excellence in the telecommunications sector, its recent financial success serves as a testament to the company’s strong leadership, strategic vision, and commitment to delivering value to shareholders and customers alike.
