Emirates Integrated Telecommunications Company PJSC

Emirates Integrated Telecommunications Company PJSC reported a 63% increase in net profit in Q1 2024, driven by a 4.1% revenue increase to AED 3.58 billion and a 16.2% rise in EBITDA to AED 1.59 billion. The company's EBITDA margin expanded by 4.6 points to 44.3%. The launch of "du Pay," a digital financial service, marked a significant step towards diversifying the company's business activities. The company's mobile customer base grew by 5.7% to 8.7 million subscribers, while its fixed customer base rose by 11.1% to 616,000 subscribers. The new royalty and corporate tax regime was also highlighted, and the company re-affirmed its guidance.

The text presents a review report and condensed consolidated financial statements of Emirates Integrated Telecommunications Company PJSC and its subsidiaries for the three-month period ending 31 March 2024. This document is of interest to those involved in finance and investing.

du, a part of Emirates Integrated Telecommunications Company (EITC), has announced the launch of a new fintech solution, du Pay. The app, licensed by the Central Bank of the UAE, offers a range of financial services including international and peer-to-peer money transfers, bill payments, and salary deposits through a unique IBAN for each user. The service is part of the UAE's move towards a cashless economy and digitalization. Available in six languages, du Pay aims to provide a secure and convenient financial ecosystem for all residents. The digital payment sector is projected to reach $3.3 trillion by 2031, and du Pay is expected to capture a significant market share.

The 2023 Annual Report of the Emirates Integrated Telecommunications Company P JSC focuses on the digitalisation, innovation, and transformation of the company.

Emirates Integrated Telecommunications Company P JSC (EITC) has announced that nominations for two positions on its Board of Directors will be open from 21 February 2024 to 1 March 2024. Shareholders who meet candidacy conditions can apply for either Non-Executive Director or Independent Director roles at the company's Dubai headquarters. Applicants must comply with the requirements of Federal Law No. (32) of 2021, the Chairman of Securities and Commodities Authority’s Board of Directors Decision No. (3/R.M) of 2020, and the company's Articles of Association. After the nomination period closes, the list of nominees will be provided to the Securities and Commodities Authority and the Dubai Financial Market.