Emirates Integrated Telecommunications Company PJSC (“EITC”) announced its financial results for the quarter-ended 30 June 2023. On the back of strong demand for postpaid mobile and fixed services, service revenues grew by 8.9% supporting the growth of total quarterly revenue to reach AED 3.35 billion. EBITDA increased by 20% to AED 1.52 billion and Net profit jumped by 31.2% to AED 397 million. Operating Free Cash Flow (EBITDA – Capex) grew by 43.3% to AED 1 billion.
Financial summary
AED million | Q2 2022
| Q2 2023
| change
|
Revenues | 3,137
| 3,347
| 6.7%
|
EBITDA | 1,267
| 1,520
| 20.0%
|
Net profit | 303
| 397
| 31.2%
|
Capex | -558
| -506
| -9.3%
|
capital intensity | 17.80%
| 15.10%
| 2.7pp
|
Operating free cash flow | 709
| 1,016
| 43.3%
|
|
Malek Al Malek, Chairman commented:
“Amid the burgeoning UAE economy and robust non-oil sector performance, we have persevered in sustaining our momentum, yielding an exceptional array of results. I take great pride in our proactive and dynamic commercial strategy, coupled with our unwavering dedication to excellence that has catalyzed EITC to ascend to new heights and spurred strong performance across all key financial indicators. We remain committed to continuously improving our operational efficiencies and advancing our transformation projects, both of which are integral to our ongoing success. Considering these factors and our solid performance, it is with pleasure that I announce the Board of Directors’ approval of an interim half-year cash dividend distribution of AED 0.13 per share.”
Fahad Al Hassawi, CEO said:
“I am very pleased with our performance this quarter, as our financial results highlight our ongoing dedication to executing our strategy of enhancing customer experience and offering innovative products, services and solutions. The strong demand for our Unlimited Data Power Plans, has allowed us to add 13,000 mobile postpaid customers during this period. Furthermore, we have consistently expanded our broadband customer base by acquiring over 5,000 home wireless and fibre clients, demonstrating our ability to excel in a rapidly evolving business environment.
Our strategic, commercial and investment initiatives have yielded a high growth of 8.9% in our service revenues, making a significant contribution to our improved EBITDA and overall profitability. This success is a testament to our continuous commitment to creating shareholder value for our shareholders through enhanced profitability and a stronger market position. We remain resolute in our disciplined cost management approach and our dedication to investing in high-growth opportunities. This unwavering focus drives our transformation journey as a digital-first telecom operator, committed to delivering an unparalleled customer experience. I take immense pride in our sustained commercial vitality and the role it plays in achieving our goals.”
ENDS