Emirates Integrated Telecommunications Company (EITC) PJSC has reported a significant 54.2 percent increase in net profit during the first half of 2024 (H1 2024) to AED 1.184B, compared to AED 768M in H1 2023. Additionally, the company’s revenue grew by 5.7 percent to AED 7.174B, up from AED 6.787B in H1 2023.
In its Q2 2024 financial results report released today, EITC disclosed that its net profit reached AED 581M, marking a 46.3 percent year-on-year (YoY) increase, driven primarily by a strong 3.2 percent YoY growth in EBITDA to AED 1.6B. The company’s revenues also rose by 7.3 percent YoY to AED 3.6B, underscoring the strength of its product offerings.
Key operational highlights included a 2.9 percent YoY increase in EITC’s mobile customer base to 8.2 million subscribers, with the postpaid customer base growing by 11.3 percent YoY to 1.7 million subscribers. The company’s fixed customer base expanded by 12.7 percent YoY to 630,000 subscribers, with a net addition of 15,000 subscribers during the quarter.
Malek Al Malek, Chairman of EITC, commented, “The first half of 2024 has seen EITC achieve another record-breaking set of results. Management has remained focused on executing our strategy, achieving profitable growth in our core business and beyond, and delivering value to our shareholders. The company has maintained its leadership in technological innovation to enhance customer experience, particularly in sectors such as Fintech and AI.”
Fahad Al Hassawi, CEO of EITC, added, “Our steadfast commitment to excellence, our targeted strategy, and efficient resource management have enabled us to achieve another strong operational and financial performance in the second quarter of this year. We have expanded our subscriber base, revenues, profitability, and cash flow, building on the strong start we made earlier this year. Our commercial momentum has led to robust growth in service revenues in Q2, bolstered by significant contracts with large enterprises and a robust pipeline of new projects, alongside the introduction of innovative consumer products.”
