Tech du profit grows 58% to $137m as subscriber base increases By Pramod Kumar October 31, 2023 Wam Du operator EITC reported its highest quarterly profit level over the last three years Emirates Integrated Telecommunications Company (EITC), the operator for the du and Virgin Mobile brands in the UAE, said net profit rose 57.7 percent year on year to AED504 million ($137.22 million) in the third quarter of 2023. The telco reported the highest quarterly level over the last three years, driven by the ongoing demand for postpaid mobile and fixed services. STC rules out increasing Telefonica stake to 9.9% New sectors to drive e& growth as telecoms becomes ‘saturated’ Risk-averse Gulf telecom companies look to Europe Revenue rose 3.7 percent year on year to AED3.3 billion. Mobile service revenue increased 5.7 percent to AED1.53 billion and fixed services revenue stood at AED 939 million, up 5.3 percent year on year. Overall, service revenue increased 5.5 percent to AED2.46 billion. Other income fell slightly by 1.5 percent to AED827 million due to lower hubbing and handset revenues, partially offset by the growth in roaming and ICT service revenues. Ebitda gained 13.8 percent to AED1.48 billion while operating cash flow increased 65.1 percent to AED956 million. “During this quarter, we have been very actively pushing further the deployment of our 5G network, which reached 98.5 percent coverage and is now transporting a significant part of our traffic,” said CEO Fahad Al Hassawi.