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Emirates Integrated Telecommunications Company’s (du) net income grew 46% y-o-y to AED 581 mn in 2Q 2024, according to the company’s financial statements (pdf). The telco saw its revenues rise 7.3% y-o-y to AED 3.6 bn on the back of robust growth in its mobile service revenues, du said in its earnings release (pdf).
The breakdown: du’s mobile services alone contributed AED 1.6 bn in revenues, marking a 6.6% y-o-y increase. The company also reported a 3.5% y-o-y growth in its fixed service revenues to AED 982 mn amid rising demand for its home wireless product and enterprise broadband services.
du’s net income over the first half of the year rose 54.2% y-o-y to AED 1.18 bn. Meanwhile, the company booked AED 7.17 bn in revenues for 1H 2024, up 5.7% y-o-y.
What was said: “We have grown our subscriber base, revenues, profitability and [liquidity] generation, solidifying the stellar start we made this year. Our commercial momentum led to a strong growth in our service revenues in Q2 buoyed by significant large enterprise [transactions] with a robust pipeline of new projects as well as the launch of new innovative consumer products,” du CEO Fahad Al Hassawi said.
Dividends: The telco giant approved interim dividends of AED 0.2 per share, marking a 53.8% y-o-y increase.
