Emirates Integrated Telecommunications Company (DU) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in FY 2024, surpassing upward-revised guidance and presenting audited consolidated financials in accordance with IFRS.

• Delivered the highest dividend in company history at 54 fils per share, reflecting robust shareholder value creation.

• Strategy execution included transformative B2B portfolio expansion, innovation in digital and Emirati offerings, and additional investment in EITC Financial Services LLC.

• Revenue recognition identified as a key audit matter due to IT system complexity and transaction volumes.

Financial highlights

• FY 2024 revenues grew 7.3% year-over-year to AED 14,636 million, with Q4 revenues up 8.8% to AED 3,873 million.

• Net profit rose 49.1% year-over-year to AED 2,488 million, with Q4 net profit up 47.5% to AED 585 million.

• EBITDA increased 11.6% year-over-year to AED 6,473 million, with margin expanding to 44.2%.

• Basic and diluted EPS was AED 0.55, up from AED 0.37 in the prior year.

• Operating free cash flow for FY 2024 reached AED 4,430 million, up from AED 3,602 million in FY 2023.

Outlook and guidance

• 2025 revenue growth expected at 5-7% year-over-year.

• EBITDA margin guidance set above 2024’s 44.2% level.

• Management expects adequate resources to continue as a going concern for the foreseeable future.

• Priorities include diversifying revenue streams, digitalisation, IT transformation, and maximising shareholder value.