EITC net profit rises 26.2% to AED303mn in Q2 2022

EITC net profit rises 26.2% to AED303mn in Q2 2022

Local News















Dubai / Gulf Time

Emirates Integrated Telecommunications Company (EITC) published its financial results for the quarter-ended June 30.

While revenues of the company increased by 9.9% to AED 3.14 billion on sustained demand for broadband and mobile services, Ebitda improved by 12.1% to AED1.27 billion thanks to a sharp increase in service revenues and gross margin expansion.

EITC’s net profit increased by 26.2% to AED303 million and operating free cash flow (Ebitda – Capex) grew 47.7% to AED709 million thanks to higher Ebitda and Capex spend that is beginning to normalise. On the basis of these results, the Board of Directors approved an interim cash dividend of AED 0.11 per share representing a 10% increase over the previous year’s interim dividend.

The company’s mobile customer base grew 13.0% to 7.4 million subscribers. The company highlights the sustained performance of its postpaid segment with net-additions of 24,000, a fourth consecutive quarter of growth, to reach 1.4 million subscribers. The company ended the quarter with 6.1 million prepaid customers. The prepaid visitor customer base tapered following the conclusion of Expo 2020 and the start of the low tourist season. Excluding