UAE telecom operator sees 54% increase in half-year profits
In a stunning display of financial success, Emirates Integrated Telecommunications Company (EITC), commonly known as du, has reported a whopping 54.2% increase in net profit for the first half of 2024, soaring to Dhs1.184bn compared to Dhs768m in the same period in 2023. This remarkable growth is a testament to the company’s strong performance and unwavering commitment to delivering value to its shareholders and customers alike.
Not stopping there, du also achieved a remarkable 5.7% increase in revenue, reaching Dhs7.174bn from Dhs6.787bn in the first half of 2023. These impressive financial results were further bolstered by the company’s second-quarter performance, which saw a net profit of Dhs581m, a staggering 46.3% year-on-year increase. Revenues for the quarter also witnessed a significant growth of 7.3%, totaling Dhs3.6bn, showcasing du’s exceptional product offerings and strong market presence.
Malek Al Malek, the chairman of EITC, expressed his satisfaction with the company’s performance, stating, “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.” He emphasized du’s commitment to technological innovation, especially in areas such as fintech and AI, to enhance the customer experience and stay ahead of the competition.
A key highlight of du’s operational success has been its growing customer base, with a 2.9% year-on-year increase in EITC’s mobile customer base, now boasting 8.2 million subscribers. Additionally, the postpaid customer base saw a remarkable 11.3% growth to 1.7 million subscribers. The fixed customer base also experienced a significant 12.7% year-on-year rise to 630,000 subscribers, with a net addition of 15,000 subscribers in the quarter.
Fahad Al Hassawi, CEO of EITC, lauded the company’s performance, stating, “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.” He highlighted du’s commercial momentum, which led to robust growth in service revenues in Q2, driven by significant large enterprise deals, a robust pipeline of new projects, and the launch of innovative consumer products.
These exceptional financial results and operational achievements underscore du’s position as a leading telecom operator in the UAE, with a strong focus on innovation, customer experience, and sustainable growth. The company’s relentless pursuit of excellence and its strategic investments in technology and new product offerings have set it apart in the competitive telecom landscape, making it a formidable player in the industry.
Looking ahead, du remains committed to building on its success, exploring new opportunities in the ever-evolving technology landscape, and continuing to deliver value to its customers and stakeholders. With a solid foundation of financial strength, operational excellence, and strategic vision, du is poised to further solidify its position as a key player in the UAE telecom sector and beyond.
