Press releases, Reports & Disclosures for Emirates Integrated Telecommunications Company PJSC

The text refers to the consolidated financial statements for the year ending 31 December 2023 of Emirates Integrated Telecommunications Company PJSC and its subsidiaries.

The Emirates Integrated Telecommunications Company (EITC) has received new royalty guidelines from the Ministry of Finance, effective from 2024 to 2026. Under the new regime, EITC's annual royalty payment will be 38% of its yearly UAE profits, while corporate tax will be 9% of the profit after royalty. The total amount of royalty and corporate tax payable by EITC will not be less than 1.8 billion AED per year. Profits of non-controlling interest holders of UAE controlled entities and profits from international entities will be excluded from the royalty calculation. The new royalty regime aims to ensure clarity, simplicity, and fairness by tying calculations to net profit. The total amount of corporate tax and royalty under the new regime will not exceed the royalty under the previous regime, based on initial assessments.

Emirates Integrated Telecommunications Company PJSC (EITC) reported a 57.7% increase in net profit for the quarter ending 30 September 2023, reaching AED 504 million. This is the highest quarterly level in the past three years. The growth was driven by a 5.5% increase in service revenues, which totalled AED 3.3 billion for the quarter. EBITDA rose by 13.8% to AED 1.48 billion, and operating cash flow increased by 65.1% to AED 956 million. The company's mobile customer base grew by 9.4% year-over-year to 8.1 million subscribers, and its fixed customer base grew by 12.4% year-over-year, reaching 573,000 broadband customers.

The document provides a review report and a summary of the consolidated financial information for the Emirates Integrated Telecommunications Company PJSC and its subsidiaries. The financial data covers the nine-month period ending on 30th September 2023.