UAE telco du posts its best ever 9M results as net profit surges 49.7%

For the third quarter of 2024, revenue grew 9.1 per cent to AED 3.59 billion ($980 million) with an EBITDA growth of 16.9 per cent. du’s Q3 EBITDA margin of 48.3 per cent (45.1 per cent in Q3 2023) is the highest since its inception.

The company’s Q3 net profit was AED 719 million ($195.8 million).

Consumer offers, such as unlimited data plans and special roaming bundles for the holiday season, helped du’s mobile customer base reach 8.3 million subscribers, with 71,000 net additions this quarter and 218,000 over the past 12 months. Fixed customer base saw a strong YoY growth of 14.2 percent reaching 655,000 subscribers, driven by Fibre and Home Wireless offerings.

CEO Fahad Al Hassawi commented: “In the third quarter, we continued to execute our strategy of strengthening our core connectivity business while selectively expanding beyond the core to position ourselves as a leading integrated digital services enabler.

“The recent overhaul of our operating brands, with the introduction of two new sub-brands, du Tech and du Infra, reflects our strategic shift to drive comprehensive digital transformation across our services, underscoring our commitment to innovation and creating dynamic digital ecosystems.

“Our top-line growth continues to be highly value creative, as we achieved a record high EBITDA margin of 48.3 per cent and the highest quarterly net profit in the last three years. Our strong cash generation and healthy balance sheet provide us with the flexibility to invest in future growth opportunities and deliver strong returns to our shareholders. We remain confident in achieving our targets and have reaffirmed our 2024 guidance.”

During the quarter, the company established a global partnership with Orange, aimed at fostering innovation and advancing digital transformation initiatives.