Dubai, UAE— du, from Emirates Integrated Telecommunications Company (EITC), has published its financial results for the quarter-ended 30th September 2022. Revenues increased by 10.5% to $863.17 million on sustained demand for broadband and mobile services.
Mobile service revenues continued their recovery increasing by 10.7% to $393 million while equipment sales generated revenues of $48 million.
Fixed services revenues soared 22.2% to $243 million, buoyed by the continued strong performance of the consumer segment. In aggregate, service revenues increased by 14.8% to $636 million.
Fahad Al Hassawi, CEO of EITC, said, “This quarter’s results have been excellent on all fronts. Our business environment has clearly transitioned to 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 above 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.”
Capital expenditures (Capex) amounted to $197 million with a capital intensity of 22.8% and reflects a seasonality effect. The Capex profile continues to normalize following two consecutive years of high capital intensity.
The company repaid $54.45 million drawn from the revolving credit facilities. This leaves du with a net cash position of $248 million and $1.03 billion of undrawn facilities.
The mobile customer base grew by 14.7% to 7.4 million subscribers, as the postpaid customer segment continued its continuous growth for the fifth consecutive quarter, with net-additions of 32,000 subscribers, bringing the total number of subscribers in this segment to 1.4 million.
The consumer broadband customer base increased 53.8% to 510,000. The company’s broadband strategy continues to deliver, with 37,000 new customers during the quarter.