Emirates Integrated Telecommunications Company, also known as du, has recorded a 36.8% increase in net profit, reaching Dh1.67 billion in 2023, compared to Dh1.22 billion the year prior.
The growth was mainly attributed to higher EBITDA and finance income.
The company also recorded record revenues of Dh13.64 billion in 2023, marking an almost 7% year-on-year (YoY) increase which highlighted the “sustained demand for mobile services, and strong growth in postpaid and fixed services”, the company said in a filing with the Dubai Financial Market, where its stocks are traded.
In light of the results, the company’s board of directors recommended the distribution of an annual dividend of 34 fils per share, a 41.7% increase compared to 2022, and the equivalent to a 100 per cent distribution of net profit “after appropriation for statutory reserves”, du said.
The company’s full-year EBITDA surged 12.8% to Dh5.80 billion. as a result of “top-line growth combined with margin expansion and disciplined cost management”.
“2023 has been a transformational year for du,” said Fahad Al Hassawi, the company’s CEO. “Our relentless determination and focus have enabled us to deliver on our current strategy while laying out a solid foundation for future growth in both our core business and beyond.”
For the fourth quarter of 2023, du’s net profit soared 38.5% YoY to Dh396 million.
“We saw a significant evolution of our business model in 2023, sharpening our strategic focus,” said Malek Sultan Al Malek, Chairman of du. “Our business remains highly cash-generative while sustaining investments in our future growth and our balance sheet remains unleveraged and solid with Dh5.7 billion in available liquidity.”
Du ended the year with 604,000 subscribers, including 68,000 net additions.
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