Emirates Integrated Telecommunications Company (EITC) boasted on Monday significant progress, revealing a net profit of $65.4 million in the second quarter of this year in contrast to its $58.5 million recorded at the same time last year.
EITC has officially witnessed an 11 percent year-on-year (YoY) increase in net profits for the second quarter of 2021. The UAE telecom industry is primed for growth, as Emirates Integrated Telecommunications Company (EITC) revenues continue to rapidly increase.
The company’s revenues are no exception, as EITC’s cash flow has increased seven percent in comparison to its first quarter of this year. The UAE telecom company registered $777.4 million in earnings, an all-time high in the years it has been operating.
Meanwhile, earnings before interest, tax, depreciation, and amortization (EBITDA) gained 7.3 percent increase, standing at $307.7 million.
“EITC had a solid performance during the second quarter. It is satisfying to see operating and financial metrics returning to growth. The company continues to deploy significant resources towards infrastructure expansion and modernization,” Chairman Mohamed Al Hussaini expressed.
While the COVID-19 pandemic has had an obvious indent on several vital services based in the Emirate, EITC was able to obtain an increase of 2.3 percent in its customer base, resulting in a total of 6.6 million users.
The nationwide pandemic placed a squeeze on the UAE’s telecommunication industry’s sales activity, along with prompting a change in customer behavior, and a dip in tourism and trade activity.
However, the company’s chief exec Fahad Al Hassawi highlighted a rebound, add1ing that they were able to stem the decline in mobile service revenues.
“We remain vigilant on our cost base as cost reduction initiatives helped push EBITDA and net profit up seven percent and 11 percent respectively. With our customers in mind, we invested AED649m ($176.7m) on our infrastructure as we seek to better serve them,” Hassawi added.
As they say, change is the only constant. EITC’s turnaround in net profits and revenues will constantly change, as there are no bounds to the amount of success it can achieve.