du reports its Q4 and FY 2024 results

Exceptional performance with net profit up 49.1% to a record AED 2.5 billion

Historical annual dividend of 54 fils per share, a 59% increase y-o-y

Dubai, UAE. 10 February 2024 – Emirates Integrated Telecommunications Company PJSC (du) announced its financial results for the fourth quarter and full year of 2024. The exceptional full year results reflect the strong financial performance throughout the year and the success of our strategic initiatives.

The 2024 performance exceeded the guidance for the year as revenues grew by 7.3% and EBITDA margin reached 44.2%, expanding by 1.7 percentage points with EBITDA increasing by 11.6%. Our net profit growth of 49.1%, reaching a record AED 2.5 billion, underscores our ability to drive both top-line expansion and bottom-line improvement. Our strong financial performance and robust balance sheet enabled the Board to recommend distributing 34 fils per share as the final dividend for 2024, taking our 2024 dividend to 54 fils per share, the highest dividend in the history of du and the maximum amount of dividends per share allowed by our dividend policy.

FY 2024 Highlights

Financial Summary[1]

Malek Sultan Al Malek, Chairman, commented:

“In 2024, we made significant progress in our transformation journey from a traditional telecom operator to a comprehensive digital services provider, supported by UAE’s resilient economy and ambitious digital agenda. The introduction of the du Tech and du Infra sub-brands enhances our B2B service offerings and caters more effectively to specific market segments. The launch of du Pay challenges the status quo, promoting financial inclusion, accessibility and security.

Our mobile and fixed network, supporting close to 10 million subscribers, is forming the backbone of the UAE’s digital economy, highlighting the success of our customer-centric and digital-first approach. We continue introducing new-generation technologies and forming strategic partnerships with global tech leaders to become the partner of choice of businesses in their digital transformation journey.

Our focused strategy execution translated into exceptional financial performance in 2024, marked by strong revenue and profitability growth. On the basis of these excellent results, the Board has proposed a final dividend of 34 fils per share, taking the final dividend to 54 fils per share, the highest dividend in the history of du.

Our outlook remains positive as we continue to progress on our transformation journey, prioritise emerging technologies, and strengthen our position in the telecom and ICT sectors to meet evolving market demands. We are confident in our ability to drive sustained growth and value for our shareholders while shaping the UAE’s digitally empowered future.”

Fahad Al Hassawi, CEO said:

“2024 was a pivotal year for du. During the year, the company achieved record financial performance and reached major operational and strategic milestones. We reinforced our position as a leading Telecom and Digital Services Provider, by driving innovation with new services, additional revenue streams and enhanced networks, and by focusing on our digital-first strategy to deliver exceptional customer experience. Key milestones included the launch of the du Tech and du Infra sub-brands, the roll-out of the du Pay fintech solutions, and the deployment of the Middle East’s first indoor 5G-Advanced Network. In the Data centre business, strategic partnerships with Oracle Alloy and AI Hosting Hub boosted our capabilities, while a new strategic partnership with Telefónica will strengthen our competitive edge.

During the year, du was recognised by Brand Finance as the third strongest brand in the UAE, a testimony of our strong market presence and customer recognition. Our exceptional financial performance in 2024 was driven by the strong focus of our management and the unwavering engagement of our people resulting in a 7.3% increase in annual revenues to AED 14.6 billion and a remarkable 49.1% rise in net profit to AED 2.5 billion, while the proposed dividend increased by a stellar 59%.

Looking ahead, we will continue driving digital transformation and strategic revenue diversification, enhancing our infrastructure and expanding partnerships, while sustainably driving operational efficiency, profitable growth and value creation to all our stakeholders.”

Customer base

Q4 and FY 2024 Financial Highlights

ENDS

du adds life to life with a comprehensive portfolio of mobile, fixed, broadband, entertainment services, and fintech solutions. Through a digital-first approach powered by ultra-reliable fibre and 5G technology, du delivers bespoke solutions leveraging cloud computing, AI-driven analytics, advanced cybersecurity, and IoT integration. As a trusted digital telco enabler spearheading the UAE’s digital transformation, we collaborate with a dynamic partner ecosystem to propel industries and society toward operational excellence, shaping a more connected and digitally advanced future across the region. 

[1] Note: Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures