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Emirates Integrated Telecommunications Company (EITC) announced that its full-year revenue rose 9.2% to AED12.75 billion (US$3.4 billion), driven by continued demand for broadband services and 5G handsets, as well as a gradual recovery in mobile services.
Announcing its financial results for the year ending December 31, 2022, EITC said its net profit reached AED 1.22 billion, up 10% from the previous year, due to higher Ebitda and lower net finance costs being depreciated Charges offset by increases in royalties and royalties.
Last year, the EITC invested AED 2.2 billion, as evidenced by the rapid rollout of 5G networks. Full-year operating free cash flow (ebitda – capital expenditures) increased by 47.3% to AED 2.9 billion due to higher ebitda and the start of normalization of capital expenditures.
Revenue grew significantly (+8.0%) in the fourth quarter, driven by continued strength in services revenue. Full-year ebitda rose 12.0% to AED 5.14 billion, reflecting strong growth in services revenue and margin growth and restrained cost growth amid inflationary pressures.
Among its operating highlights for 2022, Etisalat Group said its mobile customer base grew by 8.9% year-on-year and achieved 7.9 million subscribers on top of strong net additions in the previous quarter (494,000).
This performance reflects growth in postpaid customers in the fourth quarter as well as significant growth in prepaid customers.
Its postpaid customer base grew 10.7% to 1.5 million (Q4 2022 net additions: 53,000), driven by healthy net additions in the consumer and enterprise segments.
According to EITC, its fixed customer base grew 37.3% year-on-year, while its prepaid subscriber base increased to 6.4 million subscribers (Q4 2022 net addition: 441,000), driven by population growth and high tourism activity.
The group ended the year with 537,000 subscribers, with net additions of 27,000 in the fourth quarter (full year 2022 net additions: 146,000).
This solid performance was driven by its commercial initiatives across various product categories and the disciplined execution of our broadband strategy, it added.
In its fourth-quarter results, the EITC said its revenue for the three-month period ending December 31, 2022 rose 8% year-on-year to AED3.3 billion, while its mobile services revenue rose 7.6% year-on-year to AED1. 5 billion postpaid revenue in recovery.
It said revenue from mobile services for the full year reached AED5.74 billion, an increase of 8.4 percent compared to 2021.
Impressed with the performance, the board recommended an increase in the full-year dividend to 24 fils per share, of which 11 fils are paid as an interim dividend in August 2022.
Commenting on its results, Chairman Malek Sultan Al Malek said: “2022 is an extraordinary year. Our business performance was driven by a strong economic environment driven by population growth, increased tourism activity, GDP growth and our strong business momentum. Exceptionally good.“
“The implementation of our ambitious investment plan also enables us to accelerate growth and improve our positioning,” he added.-TradeArabia News Service
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