EITC posts 41.6% surge in Q3 net profit
dubai — Emirates Integrated Telecommunications Company (EITC), the parent company of du, reported on Wednesday 41.6 per cent growth in net income to Dh305 million in the third quarter compared to the previous quarter.
The telecoms group attributed the growth to the recovery in top line, a better revenue mix and the company’s successful implementation of its cost efficiency programme.
Fahad Al Hassawi, acting CEO of EITC, said with the start of the recovery in the UAE market, green shoots of recovery are seen for the first time since the onset of the pandemic.
“Compared to Q2 2020, characterised by lockdowns and severe disruptions in business activity, our Q3 2020 results show good improvement. Our quarterly revenues are up 0.7 per cent quarter-over-quarter to Dh2.69 billion and our quarterly net income is up
We have increased our capex spend for network deployment and maintenance, including the rollout of 5G across the country. We aim to bring the best connectivity speeds Fahad Al Hassawi,
Acting CEO of EITC
116.2 per cent, yearover-year to Dh824 million,” said Al Hassawi.
Earnings before interest, taxes, depreciation, and amortisation rose by 9.8 per cent to Dh1.16 billion from Dh1.05 billion registered in the previous quarter.
“For our customers, we have significantly increased our capex spend for network deployment and maintenance, including the rollout of 5G across the country. We aim to bring the best connectivity speeds and most innovative services to everyone in the UAE,” he said. In a statement, the telecom operator said its adjusted net income, however, saw a 116.2 per cent jump year- on-year as a result of the improvement of its operational performance and the capital gains derived from the sale of its stake in Khazna.
On September 15, EITC announced the sale of its 26 per cent minority stake in Khazna data centre for Dh800 million, which resulted in a profit of Dh519 million, booked in the third quarter.
Mobile revenues were up 2.0 per cent, reaching Dh1.33 billion in the third quarter compared to Dh1.31 billion in the second.