UAE Business: EITC posts 26.2pc jump in Q2 net profit to $82.5m – Gulf Digital News

UAE Business: EITC posts 26.2pc jump in Q2 net profit to $82.5m – Gulf Digital News

Emirates Integrated Telecommunications Company PJSC (EITC), UAE’s second licensed telecommunications operator, has posted a net profit jump of 26.2% to AED303 million ($82.5 million) in the second quarter of 2022.

Revenues increased by 9.9% to AED3.14 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. 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 AED0.11 per share representing a 10% increase over the previous year’s interim dividend.

Operating highlights

EITC mobile customer base grew 13.0% to 7.4 million subscribers highlighting 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. EITC 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 visitor SIMs, the firm’s prepaid customer base remained stable when compared to the previous quarter.

EITC’s consumer broadband customer base increased 69.5% to 473,000. It