Emirates Integrated Telecommunications Company (EITC) has posted a net profit of AED319 million ($86.8 million)  during the third-quarter (Q3) of the year, marking an increase of 12.7% on sustained demand for broadband and mobile services.

Revenues increased by 10.5% to AED3.17 billion while EBITDA grew 18.5% to AED1.3 billion thanks to a sharp increase in service revenues and gross margin expansion.

EITC’s mobile customer base grew 14.7% to 7.4 million subscribers. The company has highlighted the sustained performance of its postpaid segment with net-additions of 32,000, a fifth consecutive quarter of growth, to reach 1.4 million subscribers. Prepaid customer base of 6 million remained stable compared to the previous quarter.

The company’s consumer broadband customer base increased 53.8% to 510,000, while its  broadband strategy continued to deliver, attracting 37,000 customers during the quarter.

During the quarter, EITC fully repaid the AED200 million drawn on its revolving credit facilities, leaving it with a net cash position of AED910 million and AED3.8 billion of undrawn facilities.
         
Fahad Al Hassawi, CEO said: “This quarter’s results have been excellent on all fronts. Our business environment has clearly transitioned to a post-pandemic normality. We are benefiting from the UAE’s economic dynamism and healthy macro trends. Our results validate the efforts we deploy to: provide new products and services; improve customer experience; and execute our transformation journey. All these initiatives have laid the foundations of our commercial momentum.”

“Our service revenues are recovering and growing at an encouraging pace: we generated service revenues in excess of AED2 billion for a fifth consecutive quarter. Our profitability continued to improve on a sequential and year-on-year basis. We have invested and will continue to invest in our infrastructure to give our customers a simple and the best available experience in the UAE,” he added. – TradeArabia News Service