Emirates Integrated Telecommunications Company PJSC revealed on Monday that its Q2 2024 revenues surged by 7.3 percent to Dh3.6 billion. Earnings before interest, taxes, depreciation, and amortization (Ebitda) climbed 3.2 percent to Dh1.6 billion, mirroring the top-line expansion. Net profit soared to Dh581 million, a 46.3 percent increase year-over-year, primarily due to robust Ebitda growth. Capital expenditures (Capex) stood at Dh442 million, while Operating Free Cash Flow (Ebitda - Capex) reached Dh1.1 billion, marking a 10.9 percent increase year-over-year.
The company's mobile customer base expanded by 2.9 percent year-over-year to 8.2 million subscribers, despite a slight quarterly decline, reflecting typical seasonal effects. The postpaid customer base increased by 11.3 percent year-over-year to 1.7 million subscribers. The prepaid customer base grew by 0.9 percent to 6.5 million customers, with voice and data growth offset by a normalization of tourist inflows. The fixed customer base rose by 12.7 percent year-over-year to 630,000 subscribers, with net additions of 15,000 subscribers over the quarter.
EITC highlighted that their Home Wireless plans continue to drive growth, boosted by new offerings like Home Wireless Gaming, while enterprise connectivity also performed well during the quarter. Mobile service revenues grew 6.6 percent year-over-year to Dh1,612 million, primarily driven by strong postpaid revenues growth, increased demand from the enterprise sector, and successful innovative offers. The growing subscriber base also positively impacted mobile revenues. Fixed service revenues increased by 3.5 percent to Dh982 million, primarily due to the popularity of Home Wireless and enterprise broadband plans.
Other revenues increased by 12.7 percent to Dh998 million, driven by strong growth in ICT and wholesale services. Capex was Dh442 million, with capital intensity moderating at 12.3 percent, reflecting typical capex phasing patterns. The focus of the investment program remains on enhancing 5G coverage, fiber deployment, and the ongoing transformation of IT and network infrastructure.
Malek Al Malek, Chairman, stated: "The first half of 2024 saw EITC achieve another set of record results. The management focused on strategy execution, delivering profitable growth in our core business and beyond, and creating value for our shareholders. The company remains at the forefront of technological innovation, offering the best experience to our customers in areas including Fintech and AI. The du brand is now the 3rd strongest in the UAE. The country's macro-economic environment supports our activities, and we are well-positioned to support the UAE government's digital strategy, as demonstrated by the plan to launch Hyperscale Cloud and Sovereign AI Services for the Government."
Fahad Al Hassawi, CEO, commented: "Our commitment to excellence, focused strategy, and efficient resource management enabled us to deliver another strong operational and financial performance in the second quarter. We have expanded our subscriber base, revenues, profitability, and cash generation, solidifying the stellar start we made this year. Our commercial momentum led to strong growth in service revenues in Q2, buoyed by significant large enterprise deals and the launch of new innovative consumer products. In Fintech, the first full quarter of du Pay exceeded our expectations, marking a significant milestone in our innovation journey and expanding our market reach capabilities."
