Emirates Integrated Telecommunications (du) recorded a substantial 62.7 per cent increase in net profit during the first quarter of 2024, which the company attributed to "robust" top line growth and "significant" margin improvement.
During the quarter, revenue increased by 4.1 per cent to Dh3.58 billion, with EBITDA (core earnings) soaring by 16.2 per cent to Dh1.59 billion, "reflecting top line growth, margin expansion as well as continued focus on enhancing operational efficiency," the company said in a statement.
The company added that EBITDA margin expanded by 4.6 points to reach an impressive 44.3 per cent. "Net Profit reached Dh603 million, primarily reflecting the strong EBITDA growth," it said.
du's mobile customer base grew by 5.7 per cent year-over-year to 8.7 million subscribers. with 108,000 subscribers added over the quarter. Meanwhile, its postpaid customer base grew by 10.1 per cent to 1.7 million subscribers, with 47,000 net additions during the quarter.
Fahad Al Hassawi, EITC’s CEO, commented: “2024 has kicked off on an extremely positive note.. We expanded our customer base and achieved robust revenue growth, underscoring the strength of our offerings and our unwavering commitment to excellence.
"We have further optimized our operations, thus significantly boosting our bottom line. Looking ahead, we are confident in our ability to sustain this positive momentum and we will continue to innovate and lead in the rapidly evolving telecom landscape while creating long-term value for our stakeholders.”
