Emirates Integrated Telecommunications Company P.J.S.C. (du) announced its financial results for the fourth quarter and full year of 2024.
du’s 2024 performance exceeded the guidance for the year as revenues grew by 7.3% and the EBITDA margin reached 44.2%, expanding by 1.7 percentage points with EBITDA increasing by 11.6%. Net profit grew 49.1%, reaching a record AED 2.5 billion, reflecting both top-line expansion and bottom-line improvement.
Backed by the strong financial performance and robust balance sheet, the Board has recommend distributing 34 fils per share as the final dividend for 2024, taking 2024 dividend to 54 fils per share—the highest dividend in the history of du and the maximum amount of dividends per share allowed by its dividend policy.
Financial Summary
Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures
Commenting on the results, Malek Sultan Al Malek, Chairman, said, “In 2024, we made significant progress in our transformation journey from a traditional telecom operator to a comprehensive digital services provider, supported by [the] UAE’s resilient economy and ambitious digital agenda. The introduction of the du Tech and du Infra sub-brands enhances our B2B (business-to-business) service offerings and caters more effectively to specific market segments. The launch of du Pay challenges the status quo, promoting financial inclusion, accessibility and security.
Our mobile and fixed network, supporting close to 10 million subscribers, is forming the backbone of the UAE's digital economy, highlighting the success of our customer-centric and digital-first approach.
“We continue introducing new-generation technologies and forming strategic partnerships with global tech leaders to become the partner of choice [for] businesses in their digital transformation journey.
“Our outlook remains positive as we continue to progress on our transformation journey, prioritize emerging technologies, and strengthen our position in the telecom and ICT sectors to meet evolving market demands.”
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Meanwhile, Fahad Al Hassawi, CEO, said, “We reinforced our position as a leading telecom and digital services provider by driving innovation with new services, additional revenue streams and enhanced networks, and by focusing on our digital-first strategy to deliver exceptional customer experience.
Key milestones included the launch of the du Tech and du Infra sub-brands, the roll-out of the du Pay fintech solutions, and the deployment of the Middle East’s first indoor 5G-Advanced network.
“In the data center business, strategic partnerships with Oracle Alloy and AI Hosting Hub boosted our capabilities, while a new strategic partnership with Telefónica will strengthen our competitive edge.
“During the year, du was recognized by Brand Finance as the third strongest brand in the UAE, a testimony of our strong market presence and customer recognition. Looking ahead, we will continue driving digital transformation and strategic revenue diversification, enhancing our infrastructure and expanding partnerships, while sustainably driving operational efficiency, profitable growth, and value creation to all our stakeholders.”
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