EITC net profit jumps 21% to Dhs311 million in 1st quarter

DUBAI: Emirates Integrated Telecommunications Company (EITC) announced its financial results for the quarter-ended 31 March 2022. The company’s revenues grew by 8.5% to Dhs3.1 billion on sustained demandforbroadbandandmobileservices.ebitda grewby13.3%todhs1.3billiononhigherservicerevenues.

The company’s net profit jumped 21% to Dhs311 million. Operating Free Cash Flow (EBITDA – Capex) grew 75% to Dhs964 million thanks to higher EBITDA and Capex spend which is beginning to normalize.

Commercial initiatives drove a 10.4% growth in mobile customers and the company ended the quarter with 7.5 million subscribers on healthy netadditionsacrossthepostpaidandprepaidsegments.

EITC atracted 48,000 new customers (Q1’21: 13,000) and ended the quarter with 439,000 broadbandcustomers.thisrepresentsa76.7%increase year-over-year.

Mobile service revenues continued their recovery: revenues increased 6.9% to Dhs 1,402 million while handset sales generated Dhs 216 million in revenues. Fixed services revenues jumped 22.8% to Dhs815 million on sustained demand. Fahad Al Hassawi, CEO said: “Our Q1’22 results confirm our recovery trajectory is on a sustainable path. The COVID-19 impact is phasing out. We continued to experience increased mobility and a general improvement in the economic environment. We also continued our efforts to deploy our innovative porfolio of products and services and to implement the transformation of the Company. Our considerable infrastructure investment allows us to continue innovating and improve customer experience. More importantly, it sets the foundations for continued strong performance.”