Emirates Integrated Telecommunications Company PJSC announced its financial results for Q2 2024. Revenues increased by 7.3% to AED 3.6 billion demonstrating our strong product offerings. EBITDA increased by 3.2% to AED 1.6 billion reflecting the top line growth. Net Profit reached AED 581 million, a 46.3% increase year over year primarily reflecting the strong EBITDA growth. Capex was at AED 442 million, while Operating Free Cash Flow (EBITDA – Capex) was AED at 1.1 billion, a 10.9% increase year over year.
Operating highlights
Financial highlights
Financial summary
AED million | Q2 2023 | Q2 2024 | change | H1 2023 | H1 2024 | change |
Revenues | 3,347 | 3,592 | +7.3% | 6,787 | 7,174 | 5.7% |
EBITDA | 1,520 | 1,570 | +3.2% | 2,886 | 3,157 | 9.4% |
Margin | 45.4% | 43.7% | -1.7 pts | 42.5% | 44.0% | +1.5 pts |
Net profit | 397 | 581 | +46.3% | 768 | 1,184 | 54.2% |
Capex | -504 | -442 | -12.3% | 912 | 801 | -12.1% |
capital intensity | 15.1% | 12.3% | -2.8 pts | 13.4% | 11.2% | -2.3 pts |
Operating free cash flow | 1,016 | 1,127 | +10.9% | 1,974 | 2,356 | 19.3% |
Margin | 30.4% | 31.4% | +1.0 pts | 29.1% | 32.8% | +3.7 pts |
Malek Al Malek, Chairman said:
“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 to 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. The Company’s strategy to deliver unmatched experiences to customers has resulted in the du brand now being the 3rd strongest in the UAE. The country’s macro-economic environment was very supportive to our activity and we remain well positioned to support the UAE government digital strategy, as demonstrated by the plan to launch Hyperscale Cloud and Sovereign AI Services for the Government. Reflecting our dedication to excellence in governance, we made strategic additions to our Board of Directors by welcoming four new members with valuable experience and perspectives. In light of our sustained strong performance and healthy balance sheet, I am pleased to announce that the Board of Directors approved the distribution of an interim cash dividend of AED 0.20 per share, representing an increase of 53.8% compared to interim dividends of 2023. This reflects the Board’s confidence in the Company’s ongoing success and outlook and our commitment to delivering value to our shareholders.”
Fahad Al Hassawi, CEO said:
“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 a strong growth in our service revenues in Q2 buoyed by significant large enterprise deals with a robust pipeline of new projects as well as the launch of new innovative consumer products. In Fintech, the first full quarter of du Pay has exceeded our expectations, marking a significant milestone in our innovation journey and further expanding our market reach capabilities. Our results for the first half give us full confidence in delivering our upward revised full year financial guidance. Going forward we will remain focused on executing our strategy and are committed to investing in our future, enhancing 5G coverage and continuing to transform our IT and network infrastructure, thus building a solid foundation for long-term growth and creating value for our shareholders.”