du Reports Record Q3 Profits, 9.1% Growth

Emirates Integrated Telecommunications Company PJSC (du) reported outstanding financial results for Q3 2024, with a remarkable 9.1% year-over-year topline growth, generating AED 3.6 billion in revenue. EBITDA also saw a significant increase of 16.9% to AED 1.7 billion, achieving a record-high EBITDA margin of 48.3%—the highest since the company’s inception. Net profit surged 42.7% to AED 719 million, marking the highest quarterly net profit in the last three years. This robust performance reflects consistent strategy execution, efficient cost management, and continued commercial momentum.

 Key Q3 2024 Highlights

– Revenue Growth: Increased by 9.1% to AED 3.6 billion.

– EBITDA and Margin: 16.9% growth, reaching AED 1.7 billion with a record margin of 48.3%.

– Net Profit: Up 42.7% to AED 719 million, the highest in three years.

– Capex: Normalized at a capital intensity of 12.2% for the first nine months.

– Strategic Initiatives: Launched two new B2B sub-brands, global partnership with Orange, and reaffirmed FY 2024 guidance.

Fahad Al Hassawi, CEO of du, stated, “Our continued focus on strengthening core connectivity and expanding into digital services is transforming du into a leading Telecom and Digital Services Provider. This quarter’s performance showcases our success in aligning with customer needs, deploying 5G, and fostering digital transformation. Our recent partnerships and brand overhauls underline our commitment to innovation and the creation of dynamic digital ecosystems.”

 Customer Base and Financial Performance

– Mobile: Grew 2.7% year-over-year, reaching 8.3 million subscribers, driven by postpaid segment growth and appealing offers like unlimited data plans.

– Fixed: Increased by 14.2%, reaching 655,000 subscribers, fueled by Fibre and Home Wireless products.

 Financial Performance Breakdown

– Revenue: AED 3,589 million (+9.1%).

– Mobile Service Revenue: AED 1,633 million, up 7.0% year-over-year.

– Fixed Service Revenue: AED 1,013 million, up 7.9%.

– Other Revenues: AED 944 million, up 14.1%, bolstered by high equipment sales and ICT business growth.

– EBITDA: Reached AED 1,734 million, with effective cost management enhancing EBITDA margin.

– Capex: AED 511 million, reflecting continued 5G investment.

Operating free cash flow increased by 27.9% to AED 1,223 million, highlighting du’s strong cash generation capabilities, providing flexibility for future investments and shareholder returns.