Emirates Integrated Telecommunications Company reports Q1 2022 results

WAM: Emirates Integrated Telecommunications Company PJSC (EITC) announced its financial results for the quarter-ended 31 March 2022.

Revenues grew 8.5% to AED 3,128 million. Mobile service revenues continued their recovery: revenues increased 6.9% to AED 1,402 million while handset sales generated AED 216 million in revenues. Fixed services revenues jumped 22.8% to AED 815 millionon sustained demand from consumer and enterprise customers. In aggregate, service revenues increased 12.2% to AED 2,217 million.
EBITDA increased by 13.3% year-over-year to AED 1,269 million. This improvement was mainly driven by higher service revenues. Given mobile and fixed services’ higher profitability, EBITDA margins expanded by 170bp to 40.6%.
Net Profit jumped 21% to AED 311 million. The impact of higher EBITDA was partially offset by increased depreciation charges triggered by our infrastructure investment.