UAE: EITC records 9.2% revenue growth for 2022; net profit up 10%

UAE: EITC records 9.2% revenue growth for 2022; net profit up 10%

Emirates Integrated Telecommunications Company (EITC) has announced that its full-year revenue grew by 9.2% to hit AED12.75 billion ($3.4 billion) on sustained demand for broadband services and 5G handsets as well as a gradual recovery of mobile services.

Announcing its financial results for the year-ended December 31, 2022, EITC said its net profit reached AED1.22 billion, up 10% over the previous year, as higher ebitda and lower net finance costs were offset by an increase in depreciation and royalty charges.

Last year, EITC had invested AED2.2 billion as evidenced by the rapid 5G network roll-out. Operating Free Cash Flow (ebitda – Capex) for the year increased by 47.3% to AED 2.9 billion thanks to higher ebitda and the start of normalization of capex spend.

Revenues in Q4 staged a remarkable growth (+8.0%) thanks to continued strength in service revenues. Full-year ebitda grew by 12.0% to AED5.14 billion reflecting strong growth in service revenues and margin expansion as well as containment of cost increase despite inflationary pressure.

On its 2022 operating highlights, the Emirati telecom group said its mobile customer base grew 8.9% year-over-year and ended the year with 7.9 million subscribers on strong net-additions in the last quarter (494,000).

This performance reflects the growth in