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  • UAE Flag
    FIRST LOOK NOTES
    08 May 2025
    Emirates Integrated Telecommun...
    HOLD
    AED 8.50
    AED 8.85
    +4.12%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 1Q25 - First Look Note

    DU’s revenue grew 7.4% YOY to AED 3,848 Mn in 1Q25, primarily driven by healthy growth across service and non-service revenue. EBITDA rose 15.0% YOY to AED 1,824 Mn in 1Q25 with an EBITDA Margin of 47.4% (one-off gain included) in 1Q25 compared to 44.3% in 1Q24.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    07 May 2025
    Emirates Integrated Telecommun...
    HOLD
    AED 8.52
    AED 8.55
    +0.35%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 1Q25 - Earnings Call Insight

    DU’s revenue grew 7.4% YOY to AED 3.8 Bn in 1Q25, primarily driven by a growth in service and non-service revenue. The growth in services revenue is due to the addition of new customers, growth in ARPU and improved mix.
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  • UAE Flag
    FIRST LOOK NOTES
    20 Feb 2025
    Emirates Integrated Telecommun...
    HOLD
    AED 7.87
    AED 8.55
    +8.64%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 4Q24 - First Look Note

    Mobile Services revenue rose 8.0% YOY to AED 1,702 Mn in 4Q24 due to growth in the Postpaid as well as prepaid customer base attributable to rise in tourism activity and a better mix coupled with increased focus on higher ARPU products.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    12 Feb 2025
    Emirates Integrated Telecommun...
    HOLD
    AED 7.90
    AED 8.55
    +8.23%

    UAE Equity Research - Emirates Integrated Telecommunications Co (du) 4Q24 - Earnings Call Insight

    DU’s revenue grew 8.8% YOY to AED 3.9 Bn in 4Q24 primarily driven by healthy growth across mobile, fixed and other segments. The growth in services revenue is driven by solid growth in subscriber base and improved mix. Other revenue growth is attributed to a growth in wholesale, equipment and ICT services.
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  • UAE Flag
    FIRST LOOK NOTES
    05 Nov 2024
    Emirates Integrated Telecommun...
    ACCUMULATE
    AED 7.50
    AED 8.25
    +10.00%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 3Q24 - First Look Note

    Revenue rose 9.1% YOY due to robust growth across all segments. Mobile subscriber base rose 2.7% YOY to 8.3 Mn mainly driven by 12.5% YOY growth in postpaid customers to 1.8 Mn. Fixed subscribers base rose 14.2% to 655k with a net addition of 24k subscribers attributed to appealing fiber and home wireless offerings.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    30 Oct 2024
    Emirates Integrated Telecommun...
    ACCUMULATE
    AED 7.37
    AED 8.25
    +11.94%

    UAE Equity Research - Emirates Integrated Telecommunications Co (DU) 3Q24 - Earnings Call Insight

    DU’s revenue grew 9.1% YOY to AED 3.6 Bn in 3Q24 primarily driven by healthy growth across all segments. The growth in services revenue is driven by solid growth in subscriber base and improved mix. Other revenue growth is attributed to a growth in wholesale, equipment and ICT services.
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  • UAE Flag
    FIRST LOOK NOTES
    26 Jul 2024
    Emirates Integrated Telecommun...
    BUY
    AED 6.23
    AED 7.40
    +18.78%

    Solid growth in subscriber base and lower royalties drove the bottom line

    Post-paid customers rose 11.3% YOY and 1.9% QOQ to 1.7 Mn in 2Q24, mainly due to innovative solutions for enterprises and consumer offers.
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  • UAE Flag
    FIRST LOOK NOTES
    03 May 2024
    Emirates Integrated Telecommun...
    BUY
    AED 5.85
    AED 7.40
    +26.50%

    Solid growth in subscriber base and opex control drove the bottom-line

    Emirates Integrated Telecommunications Co. PJSC (DU/ The Company) net profit rose 62.7% YOY to AED 603 Mn in 1Q24, significantly higher than our estimate of AED 424 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    22 Feb 2024
    Emirates Integrated Telecommun...
    BUY
    AED 5.71
    AED 7.40
    +29.60%

    Solid growth in subscriber base and equipment sales drives top-line

    Emirates Integrated Telecommunications Co. PJSC (DU/ The Company) net profit rose 38.5% YOY to AED 396 Mn in 4Q23, lower than our estimate of AED 436 Mn.
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Commercial International Bank (COMI) Telecom Egypt