Emirates Integrated Telecommunications Company (DU) Q4 2024 earnings summary

Executive summary

• Achieved record net profit of AED 2.5 billion for FY 2024, up 49.1% year-over-year, with revenues growing 7.3% to AED 14.6 billion and EBITDA up 11.6% to AED 6.5 billion, surpassing upward-revised guidance.

• Delivered the highest dividend in company history at 54 fils per share, a 59% increase year-over-year, reflecting robust shareholder value creation.

• Transformation into a digital services provider advanced with new sub-brands (du Tech, du Infra), fintech launch (du Pay), and innovation in digital and Emirati offerings, supporting nearly 10 million subscribers.

• Strategic partnerships with Orange, Telefónica, Oracle Alloy, and Al Hosting Hub enhanced innovation and competitive positioning.

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, exceeding guidance.

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

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

• Operating free cash flow for FY 2024 reached AED 4,430 million, up 23.0% from FY 2023.

• Capex decreased to AED 2,042 million, reducing capital intensity to 14.0% for FY 2024.

Outlook and guidance

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

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

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

• Plans to drive infrastructure enhancement and operational efficiency.