Emirates Integrated Telecommunications Company PJSC reports record breaking annual
revenues of AED 13.64 billion, with annual Net Profit soaring 36.8% to AED 1.67 billion.
The Board of Directors recommends the distribution of an annual dividend of 34 fils per
share, a 41.7% increase.
Dubai, UAE. 13 February 2024 – Emirates Integrated Telecommunications Company PJSC
published today its financial results for Q4 and the full-year 2023. Full-year revenues grew by 6.9%
to AED 13.64 billion highlighting sustained demand for mobile services, and strong growth in postpaid and fixed services. Full-year EBITDA surged 12.8% to AED 5.80 billion. This impressive performance underlines top line growth combined with margin expansion and disciplined cost management. Full-year Net Profit reached a remarkable AED 1.67 billion, a 36.8% increase year on year mainly reflecting the strong EBITDA growth. Full-year Capex was stable at AED 2.2 billion and Operating Free Cash Flow (EBITDA – Capex) for the year substantially up 23.2% to AED 3.6 billion.
On the basis of these strong results, the Board recommends increasing the full-year dividend to 34 fils per share, out of which 13 fils per share were already paid in August 2023 as an interim 0dividend.
2023 Operating highlights
Our mobile customer base grew 8.3% year-over-year to 8.6 million subscribers. Strong
net-additions in the last quarter (456,000) were mainly driven by significant increase in
prepaid customers benefitting from seasonality and promotional campaigns. The postpaid
customer base also witnessed a robust 10.5% growth year-over-year to 1.6 million (Q4 2023
net additions: 63,000) driven by our data centric plans and attractive offers.
Our Fixed customer base rose by 12.6% year-over-year, to end the year with 604,000
subscribers, with full-year 2023 net-additions of 68,000. This robust performance was the
result of ongoing commercial efforts in various product categories and the successful
implementation of our broadband strategy.
2023 Financial highlights
Revenues in Q4 2023 grew by 7.3% year-over-year to AED 3,558 million. Full-year
revenues grew by 6.9% to record breaking AED 13,636 million.
Mobile service revenues in Q4 2023 grew 5.4% year-over-year to AED 1,576
million on higher postpaid revenues. Mobile services revenues for the full-year were
AED 6,105 million, a 6.2% increase year-on-year.
Fixed services revenues remained a key component of service revenue growth
albeit at a slower pace compared to 2022 which benefitted from the ramp-up of home
wireless services. Q4 2023 revenues reached a new high of AED 953 million or a
4.0% year-over-year growth. Fixed service revenues for the full-year were up 8.6% to
reach AED 3,774 million. The growth was mainly driven by Home Wireless and
enterprise connectivity.
“Other revenues” in Q4 23 increased by 14.0% to AED 1,029 million driven by
mobile handset sales and visitor roaming. On a full-year basis, “Other revenues”
grew 6.4% to reach AED 3,757 million.
EBITDA in Q4 2023 grew 9.6% to AED 1,430 million on higher service revenues. Full-
year EBITDA grew 12.8% to AED 5,800 million thanks to healthy revenue growth, expansion
of gross margins and sound cost optimisation. Full-year EBITDA margin expanded by a
remarkable 2.2 percentage points to 42.5%.
