du's profits rise 49.7% to AED1.9 billion in 9 months

DUBAI, 28th October, 2024 (WAM) -- Emirates Integrated Telecommunications Company PJSC (du), announced today its financial results for the third quarter of 2024 with a stellar topline growth of 9.1 percent and a robust EBITDA growth of 16.9 percent. Q3 EBITDA margin of 48.3 percent is the highest since inception.

Q3 net profit of AED 719 million is the highest quarterly net profit in the last three years while net profit for the 9 months grew by a stellar 49.7 percent. This very strong financial performance is the result of a sustained commercial momentum, consistent strategy execution and efficient cost management. 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.

The company demonstrated strong commercial momentum in the third quarter of 2024, achieving a 9.1 percent year-on-year increase in revenue. Total revenues reached AED3.6 billion, underscoring a solid topline performance.

Profitability also saw significant improvement, with EBITDA climbing by 16.9 percent to reach AED1.7 billion. This growth led to a record EBITDA margin of 48.3 percent, reflecting enhanced operational efficiency and cost control measures.

Net profit surged by an impressive 42.7 percent to AED0.7 billion, marking the highest quarterly net profit achieved over the past three years. Capital expenditures have been normalising, with a capital intensity of 12.2 percent over the first nine months of 2024.

In the B2B segment, a strategic portfolio overhaul introduced two new sub-brands, expanding offerings and enhancing market reach. Additionally, a global partnership with Orange was established, aimed at fostering innovation and advancing digital transformation initiatives.

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.

"The successful execution of our strategy has led to another quarter of strong financial performance. 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," he added.