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Company News, Business

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

EITC Q1 net profit $86.44m

Revenues grew 8.5 percent to AED 3,128 million.
By TRENDS Desk
April 29, 2022 4:42 pm
  • Mobile service revenues increased 6.9 percent to AED 1,402 million while handset sales generated AED 216 million in revenues.
  • Fixed services revenues jumped 22.8 percent to AED 815 million on sustained demand from consumer and enterprise customers.

Emirates Integrated Telecommunications Company has reported a 21 percent jump in net profit to AED 311 million ($86.44 million) during the first quarter of 2022.

Revenues grew 8.5 percent to AED 3,128 million. Mobile service revenues increased 6.9 percent to AED 1,402 million while handset sales generated AED 216 million in revenues.

Fixed services revenues jumped 22.8 percent to AED 815 million on sustained demand from consumer and enterprise customers. In aggregate, service revenues increased 12.2 percent to AED 2,217 million.

EBITDA increased by 13.3 percent year-over-year to AED 1,269 million. The company said the improvement was mainly driven by higher service revenues.

The company registered a 10.4 percent growth in mobile customers. EITC ended the quarter with 7.5 million subscribers across the postpaid and prepaid segments.

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