Dubai PR Network, Online Press Release from Dubai and Middle East
 
Telecom & Networking(Technology)
Filter PR by
  

Emirates Integrated Telecommunications Company reports Q3 2021 Results

 
Emirates Integrated Telecommunications Company reports Q3 2021 Results
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 : DubaiPRNetwork.com Editorial Team
Viewed 17048 times
PR Category : Technology
Posted on : Tuesday, October 19, 2021  3:54:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : du Showcases 5G Controlled Robot Over Private 5G SA Network ...
Next Story : du Set to Showcase Solutions that will Empower UAE Governmen...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Oman's Smart Vision Summit Gains Momentum with XS.com as Global Sponsor [33034-Views]
Skin is your ultimate sports equipment [28347-Views]
Royal Jordanian flight touches down in ancient city of AlUla inaugurating new direct route [8102-Views]
SEHA's Abu Dhabi Blood Bank Services Attains AABB Global Accreditation for Healthcare Exce... [5728-Views]
Adamas Motor Group Hosts The Largest Lotus Emira Gathering In The Middle East [5658-Views]
ZAYED AWARD FOR HUMAN FRATERNITY AND NEW YORK UNIVERSITY ABU DHABI SIGN MOU AHEAD OF LAUNC... [5490-Views]
Arab superstar and crowd favourite Ons Jabeur back to wow fans at Dubai Duty Free Tennis C... [5285-Views]
Max&co. Unveils Its New & Co.Ilaboration With Chufy - Souvenirs Of Life [5064-Views]
Abu Dhabi Fund for Development takes center stage at World Government Summit as strategic ... [4932-Views]
Young UAE-based Climate Tech Angel Investors Favor African and MENA Regions For Growth Pot... [4662-Views]
High-level UAE Delegation led by the Environment Agency – Abu Dhabi Participates in the 4t... [4658-Views]
Guinea's Round Table of Donors in Dubai: A Testament to Global Confidence in Guinea's Deve... [4604-Views]
ROAD TO MUBADALA ABU DHABI OPEN FACILITATES GROWTH OF UAE TENNIS AND INSPIRES NEXT GENERAT... [4526-Views]
Awqaf Dubai, Arab Women Authority and National Bonds Launch ‘Women Sukuk' to Drive Impact ... [4481-Views]
TIMOTHÉE CHALAMET IN CARTIER AT THE DUNE II WORLD PREMIERE IN LONDON [4387-Views]
Scaling new heights with the S502 [4366-Views]
DUBAI WORLD TRADE CENTRE WINS BIG AT IKA/CULINARY OLYMPICS 2024 [4326-Views]
Mohammed Bin Rashid Library Commemorates “The Poet of Life”: Mohammed bin Hadir on 15 Febr... [4317-Views]
30 Years – 30 Days of Winning only at Meena Jewellers [4244-Views]
Introducing “Glow In The Heart”, A Captivating Neon Themed Dinner Featuring A Specially Cr... [4162-Views]
The Department of Energy Reviews 2023 Performance Results and Reports [4153-Views]
SKEA signs MoU with Sheikh Khalifa Government Excellence Program [4100-Views]
Souk Deeritna @ RAW Coffee: A Palestinian-Inspired Iftar Experience This Ramadan 2024 [3977-Views]
The Art of Romance at Sofitel Dubai Downtown [3920-Views]
Dubai's Health Insurance System sees significant boost with 21.68 billion transactions in ... [3850-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories