Emirates Integrated Telecommunications Company PJSC (EITC) Posts Impressive Q3 Results

Emirates Integrated Telecommunications Company PJSC (EITC), a leading provider of telecommunication services in the UAE, has recently reported a remarkable 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, indicating a robust and healthy financial position for the company. The impressive growth was primarily driven by a 5.5% increase in service revenues, which totalled AED 3.3 billion for the quarter. In addition to the notable rise in net profit, EITC's EBITDA rose by 13.8% to AED 1.48 billion, and operating cash flow increased by a substantial 65.1% to AED 956 million. These figures reflect the company's effective cost management and efficient operations, which have bolstered its profitability. Moreover, EITC has also reported significant growth in its customer base. 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. This customer growth demonstrates the company's strong market position and its ability to attract and retain customers in a highly competitive market. Looking ahead, the future of EITC appears optimistic. With its robust financial performance, growing customer base, and strong market position, the company is well-positioned to continue its growth trajectory and deliver value to its shareholders. Furthermore, as the UAE continues to invest in digital infrastructure and technologies, EITC is likely to benefit from increased demand for its services.