Emirates Integrated Telecommunications Company (EITC), the parent company of Du and Virgin mobile brands, has announced a remarkable 46 percent increase in net profit for the second quarter of 2024, reaching AED581 million ($158 million). This substantial profit boost was fueled by a notable rise in subscriber numbers.
In the April to June period, Du’s revenue climbed 7 percent to AED3.6 billion, up from AED3.3 billion during the same period last year. The company’s mobile service revenues rose by 6.6 percent annually to AED1.6 billion, while fixed service revenue saw a 3.5 percent increase to AED982 million.
The number of mobile subscribers grew by 3 percent year on year to 8.2 million, although it showed a slight decrease from the previous quarter due to seasonal factors. Notably, the postpaid subscriber base surged 11.3 percent to 1.7 million.
The fixed service customer base also saw significant growth, rising 12.7 percent year on year to 630,000 subscribers, with a net addition of 15,000 subscribers during the quarter. This growth was driven by increased demand for home wireless plans and gaming services.
For the first half of 2024, Du reported a 54 percent increase in profit, totaling AED1.2 billion, and a 6 percent rise in revenue, reaching AED7.2 billion.
Chairman Malek Al Malek attributed the successful results to strategic execution and profitable growth in core business areas. The board has approved an interim cash dividend of AED0.20 per share, a 54 percent increase compared to the interim dividends of 2023.
