EITC’s Q1 shows strong performance with 19.1% profit increase

EITC’s Q1 shows strong performance with 19.1% profit increase

DUBAI, 2nd May, 2023 (WAM) - Emirates Integrated Telecommunications Company PJSC (EITC) has announced its financial results for the first quarter ending on 31 March 2023. The company recorded a significant 10% revenue growth to AED 3.44 billion, driven by sustained demand for fixed and mobile services. EBITDA increased by 7.7% to AED 1.37 billion, and net profit surged by 19.1% to AED 370 million. The company maintained stable operating free cash flow (EBITDA – Capex) at AED 958 million.

EITC's commercial initiatives led to a 9.4% increase in mobile customers, with 8.2 million subscribers at the end of the quarter. The company delivered a seventh consecutive quarter of postpaid net-additions (48,000) due to the success of Unlimited non-stop data plans and sustained demand from the enterprise sector, ending the quarter with 1.5 million postpaid customers. The prepaid customer base increased to 6.7 million, driven by the continued attractiveness of Flexi plans and brisk tourism activity. The consumer broadband offering also remained highly attractive, attracting nearly 18,000 new customers and ending the quarter with 554,000 broadband customers, representing a 26.4% increase year-over-year.

In terms of financial highlights, revenues grew by 10% to AED 3,441 million, with mobile service revenues leading the recovery,