DUBAI, UAE – Emirates Integrated Telecommunications Company (EITC) has announced its financial results for the first quarter of 2023. The company recorded a significant 10 percent revenue growth to US$936 million (AED 3.44 billion), driven by sustained demand for fixed and mobile services.
EBITDA increased by 7.7 percent to US$373 million (AED 1.37 billion), and net profit surged by 19.1 percent to US$100 million (AED 370 million).
The company maintained stable operating free cash flow (EBITDA – Capex) at US$260 million (AED 958 million).
EITC’s commercial initiatives led to a 9.4 percent increase in mobile customers, with 8.2 million subscribers at the end of the quarter.
The company delivered a seventh consecutive quarter of postpaid net-additions (48,000) due to the success of Unlimited non-stop data plans and sustained demand from the enterprise sector, ending the quarter with 1.5 million postpaid customers.
The prepaid customer base increased to 6.7 million, driven by the continued attractiveness of Flexi plans and brisk tourism activity.
The consumer broadband offering also remained highly attractive, attracting nearly 18,000 new customers and ending the quarter with 554,000 broadband customers, representing a 26.4 percent increase year-over-year.
Revenues grew by 10 percent to US$936 million (AED 3,441 million), with mobile service leading the recovery, driven by the postpaid segment’s excellent performance.
Fixed services revenues increased by 15 percent to US$254 million (AED 936 million), due to sustained demand from consumer and enterprise customers.
Service revenues increased by 9.5 percent to US$660 million (AED 2,427 million). Other revenues grew by 11.2 percent to US$276 million (AED 1,014 million) due to a recovery in handset sales and sustained growth of the ICT unit.
EBITDA increased by 7.7 percent to US$371 million (AED 1,366 million), and net profit jumped by 19.1 percent to US$100 million (AED 370 million). Capex spend amounted to AED 408 million, focused on expanding the fiber network and ongoing IT transformation.
Fahad Al Hassawi, CEO, expressed his pleasure with the results, stating that the company’s commercial momentum remains intact, and its portfolio of products and services continues to attract customers across all units.
He said that the company aims to improve profitability and generate higher shareholder value by monitoring the cost base for efficiency and focusing spend on growth opportunities.
As EITC transitions to a digital-first telecom operator, infrastructure investments remain a key element to provide the best-in-class customer experience.