du posts 49.7% surge in nine-month net profit, reaffirms 2024 guidance

Commercial growth drives 9.1% jump in quarterly revenues to Dh3.6b

Dubai: Emirates Integrated Telecommunications Company PJSC (du) saw its net profit for the 9 months soar by a stellar 49.7 per cent, on the back of sustained commercial growth and effectively managing its costs.

While net profit during the period rose to Dh1.90 billion, revenue spiked 6.8 per cent to Dh10.76 billion, the telecom-digital services provider reported, while reaffirming its guidance for FY2024.

For the third quarter of 2024, it saw a topline growth of 9.1 per cent and a robust EBITDA (core earnings) growth of 16.9 per cent. "Q3 EBITDA margin of 48.3 per cent is the highest since inception, while Q3 net profit of Dh719 million is the highest quarterly net profit in the last three years," it added.

"Significant milestones have been achieved in the connectivity business and beyond, underpinning du’s evolution from a telecom operator to a leading Telecom and Digital Services Provider."

Commenting on the Q3 developments and performance, Fahad Al Hassawi, CEO said: “In the third quarter, we continued to execute our strategy of strengthening our core connectivity business whilst selectively expanding beyond the core to position ourselves as a leading integrated digital services enabler.

"The recent overhaul of our operating brands, with the introduction of two new sub-brands, du Tech and du Infra, reflects our strategic shift to drive comprehensive digital transformation across our services, underscoring our commitment to innovation and creation of dynamic digital ecosystems."

Meanwhile, its mobile customer base grew 2.7 per cent year-over-year reaching 8.3 million subscribers with 71,000 netadditions this quarter and 218,000 over the past 12 months," the firm reported.

"Our strong cash generation and healthy balance sheet provide us with the flexibility to invest in future growth opportunities and deliver strong returns to our shareholders. We remain confident in achieving our targets and have reaffirmed our 2024 guidance,” the CEO added.