Emirates Telecommunications Group Company (EAND) Q4 2024 earnings summary

Executive summary

• Achieved record-breaking revenues in Q4 2024, driven by strong telecom sector momentum and digital expansion.

• Aggregate subscriber base reached 189.3 million, up 11.7% year-over-year, with significant growth in both UAE and international markets.

• Completed majority stake acquisition of PPF Telecom, expanding operational footprint into Central and Eastern Europe.

• Strategic partnerships and digital initiatives, including AWS collaboration and AI-driven network transformation, reinforced innovation focus.

Financial highlights

• Q4 2024 revenue rose 19.9% year-over-year to AED 16.5 billion; full-year revenue up 10.1% to AED 59.2 billion.

• Q4 EBITDA increased 8.5% year-over-year to AED 7.0 billion, with a margin of 42.6%; full-year EBITDA reached AED 26.5 billion, up 1.3%.

• Q4 net profit after tax was AED 2.3 billion (net margin 14%); full-year net profit rose 4.3% to AED 10.8 billion (net margin 18%).

• Q4 CAPEX (excluding license renewals) increased 20.2% year-over-year to AED 2.9 billion; full-year CAPEX up 30.5% to AED 9.5 billion.

• Operating free cash flow for the year reached AED 16.9 billion (margin 29%).

Outlook and guidance

• Exceeded revised guidance on net profit, with revenue growth in constant currency at 10.4% versus high single-digit guidance.

• FY 2024 EPS of AED 1.24, above initial and revised guidance.

• CAPEX intensity ratio at 16.8%, in line with guidance.