Cookie Consent by Privacy Policies Generator website Emirates Integrated Telecommunications Company reports Q3 2021 Results : GoDubai.com

GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Technology

    Share
Emirates Integrated Telecommunications Company PJSC announces 6.9% growth in its quarterly revenues, an EBITDA of AED 1,100 million and a Net profit of AED 283 million
 
19 October 2021 - Emirates Integrated Telecommunications Company PJSC (“EITC”) announced its financial results for the third quarter of 2021. Revenues grew 6.9% to AED 2,874 million on sustained demand for broadband services and 5G handsets. More importantly, mobile services continued its recovery thanks to a buoyant postpaid segment. EBITDA amounted to AED 1,100 million thanks to cost optimisation which helped contain margin pressure from direct costs. Net profit was AED 283 million in spite of higher depreciation and amortisation charges.
 
Operating highlights 
• Mobile customer base reached 6.5 million. The postpaid segment remains resilient with net-adds of 13k. The postpaid customer base grew to 1.3 million as a result of an improved digital Customer Experience as well as enhancements to the Power Plans. The prepaid customer base declined to 5.2 million subscribers due to a combination of summer seasonality and flight restrictions brought by the Covid-19 Delta variant. 
• Sustained commercial momentum in Fixed services across various product categories. The simplicity of our consumer offer helped accelerate net-adds to 52k. We ended the quarter with 331k broadband customers. Demand from the Enterprise segment is also returning.
• Capital deployment plan is bearing fruits. Following significant deployment, our 5G network covers 90% of the population. Independent tests confirmed our network was the fastest during the quarter. In addition, we inaugurated two data centres, KIZAD in Abu Dhabi and Dubai Silicon Oasis. These centres have an aggregate capacity of 2.7 MW. 
Financial highlights 
• Revenues grew 6.9% yoy to AED 2,874 million. Fixed revenues grew 14.7% to AED 731 million as the consumer and enterprise segments continue to perform well. “Other revenues” increased 16.6% to AED 839 million due to a doubling of handset sales and higher wholesale revenues. A resurgent postpaid segment ignited the recovery of mobile revenue to AED 1,304 million.
• EBITDA retreated by 4.9% yoy to AED 1,100 million. Our cost optimisation plan continues to yield results. We have rationalised marketing and G&A spend. We have improved our collections therefore reducing provisions on receivables. These various initiatives mitigated pressure from direct costs (product costs, interconnect costs). 
• Net profit (adjusted)1 declined by 7.1% to AED 283 million. Depreciation and amortisation increased due to our ambitious investment programme. The disposal of Khazna Data Center in 2020 reduced the contribution from associates. 
 
• Capex dropped 27.3% to AED 372 million due to phasing of expenditure. As a result, operating free cash flow increased to AED 728 million. 
 
 
   
1 Net profit (adjusted) excludes gains on disposal of associates 
Fahad Al Hassawi, CEO said: 
“I am very pleased that consumer and corporate confidence are on the mend. Our fixed services business delivered another solid quarter. Broadband net-adds accelerated to 52k thanks to an attractive service offering. In addition, we see corporate demand for fixed services returning. Our commercial initiatives in mobile services are bearing fruits. The refreshed prepaid mobile tariffs are pushing gross-adds on the prepaid segment towards pre-pandemic levels. Our enhanced postpaid tariff plan is stimulating usage and supports a pathway to ARPU growth. This quarter is an inflection point for mobile service revenues: we renewed with nominal growth (+0.7% quarter-on-quarter) after three consecutive quarters of decline.
Following two years of capital deployment, I am pleased to announce that our 5G network is now accessible to 90% of the population. The next milestone is to ultimately ensure seamless access for all residents. We remain committed to deliver value for our customers and will continue to be a market differentiator.” 



Posted by : GoDubai Editorial Team
Viewed 5166 times
Posted on : Tuesday, October 19, 2021  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : ‘YA WELI', The Latest Nikon and Neha Pandey Collaboration All About ‘Love'
Next Story : LG Micro LED Technology Secures Top Presidential Award at International Light Convergence EXPO
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Big Crown Pointer Date Calibre 403
Swiss Arabian Launches New Unisex Fragrance Line to Honor the Region's Heritage ...
Lulu Launches Campaign to Promote Local Products
The OMEGA Trésor is Enlivened With a New Malachite Dial
In limelight of a new Guinness World Record PACE Education Group
Joyalukkas Announces Biggest Sale of Year for 5 Days!
Malabar Gold & Diamonds Launches its first Artistry Concept Store in Somajiguda,...
aswaaq Retail Celebrates UAE's 50th National Day with a Dedicated Store Fully Op...
SEHA marked Commemoration Day across its Facilities
In Commemoration of the UAE's 50th National Day Ariel, Tide, and Bonux along wi...
Al Maya Group Congratulate UAE Leaders for 50 Years Celebrations
Patchi Celebrates The Nation's Success Story on UAE Year of the Fiftieth
EWEC To Conduct Second Clean Energy Certificates Auction in December
Union Coop Pays Tribute to the Brave Martyrs on Commemoration Day 2021
Hotpack Scoops four Honours at PRIME Awards 2021, MD chosen MEA Personality of t...
Lincoln Marks the UAE's Golden Jubilee with a Unique View of the Country from 1,...
Asha's at Wafi Celebrates 50 years of UAE in an authentic way!
14 French companies visit Expo 2020 Dubai, UAE to export Normandy Region in the ...
Al Khoory Sky Garden Hotel Opens at the Heart of historic Dubai
Cartoon Network Middle East Study Reveals Increase in Cyberbullying During Pandemic
Kanoo Machinery Showcases Innovative Machines, Equipment at Materials Handling O...
DHA's Social Fund Programme Receives Financial Contribution from Al Rostamani Group
‘PLANET JAPAN BY M-TEchX' to Showcase Japanese Innovations at EXPO 2020 Site
Sunny Varkey Launches Tmrw, a new Learning Operating System (LearnOS) for Global...
Bernhard H. Mayer celebrates the 50th year of UAE; launches limited-edition watc...
UAE's Green Mobility Ambitions in View as #NOFILTERDXB Spotlights Auto Industry'...
The Swiss Pavilion at Expo 2020 Dubai hosts “No time to Waste” Exhibition
Newborns in Dubai Hospitals Receive Gifts and Car Seats to Mark 50th UAE National Day
Samsung Announces One UI 4 Update Rollout to further Enhance Galaxy Ecosystem Ex...
Abu Dhabi Lights Up for Welcome Return of Mubadala World Tennis Championship
Emirates Post Group to unveil region's first NFT stamp in commemoration of the 5...
National flag of Kazakhstan hoisted at EXPO 2020 Dubai
NAMA Panel at Expo 2020 Promotes Gender Responsive Budgeting to Achieve Gender E...
Angola's First Lady Empowers Senior Citizens With Project Dikota
FilMe to Feature ‘Jai Bhim' and ‘Matsya Kaand'
Ajman University Organizes Week-Long Celebrations for 50th UAE National Day
Belgian F&B Retail Reps. Visit Union Coop
Summary of Weekly Real Estate Transactions for the Week Ending 30 November 2021.
Samsung Electronics Sold One Million Units of ‘The Frame' in 2021
Dubai Police and Mohammed Bin Rashid University of Medicine and Health Sciences ...
Euro Cup Dragon Boat Championship to make its debut Outside of Europe at Dubai's...
Fatima bint Mohamed bin Zayed Initiative & UNHCR raise AED 263,625 for Women & ...
5 Million Flower Seedlings
Dubai Chamber to host Mohammed bin Rashid Al Maktoum Business Awards in December...
Scotland Shares National Celebrations with the Rest of the World at Expo 2020 Dubai
UAE Adopts Largest Legislative Reform in its history
eLife celebrates UAE National Day with free speed upgrades for customers
Sharjah Big Shopper Sale is back again, Third Time this Year
SEHA announces operational hours for UAE National Day
Global Halal Brazil Business forum to shed light on Brazil's potentials in globa...