Emirates Integrated Telecommunications Company PJSC Reports Strong Q2 2024 Financial Performance
Emirates Integrated Telecommunications Company PJSC has announced its financial results for Q2 2024, showcasing robust growth in revenue and net profits.
Summary
Emirates Integrated Telecommunications Company PJSC reported a 7.3% increase in quarterly revenues and a 54.2% rise in net profits for the first half of 2024. The Board of Directors approved an interim cash dividend of AED 0.20 per share, marking a 53.8% increase year-over-year.
Emirates Integrated Telecommunications Company PJSC, a leading telecommunications provider in the United Arab Emirates, has announced its financial results for the second quarter of 2024. The company reported a 7.3% increase in revenues, reaching AED 3.6 billion, and a 46.3% rise in net profit, amounting to AED 581 million. This exceptional performance is a continuation of the robust growth witnessed in the first quarter of 2024.
The company's EBITDA rose by 3.2% to AED 1.6 billion, reflecting the strong top-line growth. The EBITDA margin expanded to 44.0% for the first half of the year, showcasing the company's operational efficiency. Capex stood at AED 442 million, while Operating Free Cash Flow (EBITDA – Capex) was AED 1.1 billion, a 10.9% increase year-over-year.
The Board of Directors has approved an interim cash dividend of AED 0.20 per share, a significant 53.8% increase compared to the previous year. This decision reflects the company's strong financial health and its commitment to delivering value to shareholders.
One of the major milestones achieved during the quarter was a strategic partnership with Oracle Alloy in the ICT business. This collaboration is expected to enhance the company's technological capabilities and drive future growth.
In terms of customer base, the company reported a 2.9% year-over-year growth in its mobile customer base, reaching 8.2 million subscribers. The postpaid customer base grew by 11.3% to 1.7 million subscribers, driven by the success of innovative enterprise connectivity solutions and consumer product launches such as 'du Smart Car'. The prepaid customer base saw a modest growth of 0.9% to 6.5 million customers.
The fixed customer base also showed strong growth, rising by 12.7% year-over-year to 630,000 subscribers. The company's Home Wireless plans, including the newly launched Home Wireless Gaming, were key drivers of this growth, along with strong performance in enterprise connectivity.
Overall, Emirates Integrated Telecommunications Company PJSC has demonstrated strong financial performance and operational resilience in Q2 2024. While the company continues to achieve significant growth milestones, potential investors should consider the current market conditions and future growth prospects before making investment decisions.
Source
Summary
Emirates Integrated Telecommunications Company PJSC reported strong financial results for Q2 2024, with quarterly revenues growing by 7.3% to AED 3.6 billion. The first half EBITDA margin expanded to 44.0%, and net profits increased by 54.2% year-over-year. The Board of Directors approved an interim cash dividend of AED 0.20 per share, a 53.8% increase year-over-year. Key achievements include a strategic partnership with Oracle Alloy in their ICT business. Operating highlights include a 2.9% year-over-year growth in the mobile customer base to 8.2 million subscribers, with postpaid customers increasing by 11.3% to 1.7 million. The fixed customer base grew by 12.7% year-over-year to 630,000 subscribers, driven by new offerings such as Home Wireless Gaming. EBITDA increased by 3.2% to AED 1.6 billion, and net profit rose by 46.3% to AED 581 million. Capex was AED 442 million, and operating free cash flow increased by 10.9% to AED 1.1 billion.
