du, from Emirates Integrated Telecommunication Company (EITC), reported a 57.7% increase in total net profit to AED 504 million ($137 million) and revenue growth of 3.7% to AED 3.3 billion for the third quarter of the year, as revenue grew on high demand for mobile and fixed services.
In Q3 2022, du posted a 12.7% rise in net profit to AED 319 million, expanding its customer base to more than 7.4 million subscribers.
This year, the company’s mobile customer base increased by 9.4% to 8.1 million while its fixed customer base grew by 12.4% to 573,000.
EBITDA saw a growth of 13.8% at AED 1.48 billion, and operating cash flow increased by 65.1% to AED 956 million.
For the first nine months of the year, profit stood at AED 1.27 billion, up from AED 933.3 million during the same period last year, while revenue grew to AED 10 billion from AED 9.4 billion over the same period, according to the company statement.
Commenting on the results, Fahad Al Hassawi, CEO at du, said, “We were able, once again, to deliver an excellent quarter, recording growth on all our financial and operational KPIs, and to report the highest quarterly net income over the last 3 years. This outstanding financial and operational performance reflects the disciplined execution of our strategy, our commercial dynamism and the continuous innovation that we have been bringing to the market."
Also read: EITC (du) Reports 31.2% Jump in Net Profit for Q2 2023
Also read: EITC (du) Reports Net Profit of AED 1.22 Billion in 2022