Emirates Integrated Telecommunications Company PJSC (du) has unveiled its financial results for the third quarter of 2024, showcasing a 9.1 per cent increase in topline growth and a robust 16.9 per cent rise in EBITDA. The Q3 EBITDA margin of 48.3 per cent marks the highest since the company's inception. The net profit for Q3 stood at Dh 719 million, the highest quarterly net profit in the last three years, while the net profit for the first nine months surged by 49.7 per cent.
This exceptional financial performance is attributed to sustained commercial momentum, consistent strategy execution, and efficient cost management. Significant milestones in connectivity and beyond have propelled du's transformation from a telecom operator to a leading Telecom and Digital Services Provider. The company's revenue for the third quarter of 2024 grew by 9.1 per cent year-on-year, reaching Dh3.6 billion, highlighting a strong topline performance.
Profitability also improved significantly, with EBITDA climbing 16.9 per cent to Dh1.7 billion, resulting in a record EBITDA margin of 48.3 per cent. Net profit surged by 42.7 per cent to Dh0.7 billion, the highest quarterly net profit in three years. Capital expenditures have normalized, with a capital intensity of 12.2 per cent over the first nine months of 2024.
In the B2B segment, a strategic portfolio overhaul introduced two new sub-brands, expanding offerings and enhancing market reach. A global partnership with Orange was also established to foster innovation and advance digital transformation initiatives. Fahad Al Hassawi, CEO, commented on the Q3 developments, stating, "We continued to execute our strategy of strengthening our core connectivity business while selectively expanding beyond the core to position ourselves as a leading integrated digital services enabler." The introduction of new sub-brands, du Tech and du Infra, reflects the strategic shift towards comprehensive digital transformation, emphasizing innovation and the creation of dynamic digital ecosystems.
The successful execution of the strategy has led to another quarter of strong financial performance. The company's strong cash generation and healthy balance sheet provide flexibility to invest in future growth opportunities and deliver strong returns to shareholders. The 2024 guidance has been reaffirmed, reinforcing confidence in achieving the targets.
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