UAE telecom operator du’s half-year profits top 54%

Emirates Integrated Telecommunications Company (EITC), operating as du, reported a substantial 54.2 per cent increase in net profit for the first half of 2024, reaching Dhs1.184bn compared to Dhs768m in the same period in 2023.

The company also recorded a revenue growth of 5.7 per cent, rising to Dhs7.174bn from Dhs6.787bn in H1 2023.

In its Q2 2024 financial results, du revealed a net profit of Dhs581m, marking a 46.3 per cent year-on-year increase. Revenues for the quarter saw a 7.3 per cent year-on-year increase, reaching Dhs3.6bn, underscoring the company’s strong product offerings.

Malek Al Malek, chairman of EITC, stated, “The first half of 2024 saw EITC deliver another record set of results. The management remained focused on strategy execution, delivering profitable growth in our core business and beyond, and creating value for our shareholders.”

“The company remained at the forefront of technological innovation to offer the best experience to our customers in areas including fintech and AI.”

du’s growing customer base

Key operational highlights included a 2.9 per cent year-on-year increase in EITC’s mobile customer base, now totalling 8.2 million subscribers, and an 11.3 per cent growth in the postpaid customer base to 1.7 million subscribers.

The fixed customer base also saw a 12.7 per cent year-on-year rise to 630,000 subscribers, with 15,000 net additions over the quarter.

Fahad Al Hassawi, CEO of EITC, commented, “Our unwavering commitment to excellence, our focused strategy, and efficient resource management have enabled us to deliver another strong operational and financial performance in the second quarter of the year.”

“We have grown our subscriber base, revenues, profitability, and cash generation, solidifying the stellar start we made this year. Our commercial momentum led to strong growth in our service revenues in Q2, buoyed by significant large enterprise deals, a robust pipeline of new projects, and the launch of new innovative consumer products.”

Read: UAE’s du eyes fintech push with new central bank licences