Emirates Integrated Telecommunications Company PJSC (“EITC”) announced its financial results for the quarter ended March 31, 2023. Sustained demand for fixed and mobile services contributed to a significant 10% revenue growth to AED 3.44 billion and a 7.7% increase in EBITDA to AED 1.37 billion. Net profit jumped 19.1% to AED 370 million. Operating Free Cash Flow (EBITDA minus Capex) was stable at AED 958 million.
The company’s commercial initiatives drove a 9.4% increase in mobile customers, resulting in 8.2 million net additions on subscribers across the postpaid and prepaid segments by the end of the quarter, as per the company statement.
The company delivered a seventh consecutive quarter of postpaid net additions (48,000), attributable to Unlimited non-stop data plans and sustained demand from the enterprise sector, and ended the quarter with 1.5 million postpaid customers. The prepaid customer base increased to 6.7 million as a result of continued demand for Flexi plans as well as brisk tourism activity.
Consumer broadband added nearly 18,000 new customers (Q1 22: 48,000) and ended the quarter with 554,000 broadband customers, representing a 26.4% increase year-over-year.
Commenting on the results, Fahad Al Hassawi, CEO, said, “While we continue to seek revenue growth and improve our market position, we are determined to improve profitability and generate higher shareholder value. We are monitoring our cost base for efficiency and focusing the spend on growth opportunities. As we transition to a digital-first telecom operator, our infrastructure investments remain a key element to provide best-in-class customer experience.”
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