Emirates Integrated Telecommunications Company PJSC

The 2023 Annual Report of the Emirates Integrated Telecommunications Company P JSC focuses on the digitalisation, innovation, and transformation of the company.

Emirates Integrated Telecommunications Company P JSC (EITC) has announced that nominations for two positions on its Board of Directors will be open from 21 February 2024 to 1 March 2024. Shareholders who meet candidacy conditions can apply for either Non-Executive Director or Independent Director roles at the company's Dubai headquarters. Applicants must comply with the requirements of Federal Law No. (32) of 2021, the Chairman of Securities and Commodities Authority’s Board of Directors Decision No. (3/R.M) of 2020, and the company's Articles of Association. After the nomination period closes, the list of nominees will be provided to the Securities and Commodities Authority and the Dubai Financial Market.

The Board of Directors of Emirates Integrated Telecommunications Company P JSC has announced a General Meeting to be held on 21st March 2024 at the company's headquarters and virtually. The agenda includes approving the company's financial statements, auditing reports, and board of directors' report for the fiscal year ended 31 December 2023. The board's recommendation for a dividend of AED 0.21 per share for the second half of 2023 will also be considered. Other items include approving the remuneration policy for the board, discharging the board and external auditors from their liabilities for the fiscal year 2023, appointing external auditors for the financial year 2024, ratifying the appointment of board members, and considering voluntary contributions to the community. Shareholders can attend virtually and must register their attendance electronically. Shareholders registered on 20th March 2024 are eligible to vote, while those registered on 1st April 2024 are entitled to receive the dividend.

Emirates Integrated Telecommunications Company PJSC has reported record-breaking annual revenues of AED 13.64 billion for 2023, a 6.9% increase from the previous year. The company's net profit also increased by 36.8% to AED 1.67 billion. The Board of Directors has recommended a 41.7% increase in the annual dividend to 34 fils per share. The company's EBITDA surged 12.8% to AED 5.80 billion. The mobile customer base grew 8.3% to 8.6 million subscribers, while the fixed customer base rose by 12.6% to 604,000 subscribers. The company's revenues for Q4 2023 grew by 7.3% to AED 3,558 million.

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.