Du
Emirates Integrated Telecommunications Company (EITC), which operates the Du and Virgin mobile brands in the UAE, reported a 46 percent jump year on year in net profit to AED581 million ($158 million) as subscriber numbers increased.
Revenue grew 7 percent to AED3.6 billion in the April to June period, compared to AED3.3 billion a year earlier. Mobile service revenues rose 6.6 percent annually to AED1.6 billion, while fixed service revenue increased by 3.5 percent to AED982 million.
The mobile customer base reported a 3 percent yearly jump to 8.2 million subscribers, but tapered quarter on quarter due to a seasonal impact. The postpaid customer base was up 11.3 percent year on year to 1.7 million subscribers.
The fixed customer base rose by 12.7 percent annually to 630,000 subscribers, with net additions of 15,000 subscribers over the quarter, thanks to home wireless plans and home wireless gaming.
The telco’s first-half profit rose 54 percent yearly to AED1.2 billion as revenue grew 6 percent year on year to AED7.2 billion.
“The first half of 2024 saw another record set of results. The management remained focused on strategy execution, delivering profitable growth in our core business and beyond,” said chairman Malek Al Malek.
He said that the board approved an interim cash dividend of AED0.20 per share, surging 54 percent compared to interim dividends of 2023.