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Du H1 profit rises 18.8%

Du H1 profit rises 18.8%
Revenues increased by 4% to AED 6.682 billion in H1-18
DU
DU
0.17% 5.99 0.01

Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) on Thursday reported a 18.8% year-on-year growth in net profit for the first half of 2018.

Net profit after royalty stood at AED 965 million in the six-month period ended last June, up from AED 812 million in H1-17, du said in a filing to the Dubai Financial Market (DFM).

Revenues increased by 4% to AED 6.682 billion in H1-18 from AED 6.422 billion in the prior-year period.

Accordingly, the board of director will propose distributing AED 589 million of interim dividends to its shareholders for H1-18 at 13 fils per share, subject to approval at the general meeting next September, the company noted.

In the first quarter of this year, du reported a one-off reversal related to regulatory costs that positively impacted company profitability, according to the filing.

Normalised net profit after royalty, excluding the impact of the cost reversal, went up by 4.4% year-on-year in H1-18.

The telecommunications company also posted a 2.9% year-on-year increase in revenue for the second quarter of the year, generating AED 3.35 billion, du’s Osman Sultan commented.

Top line growth was mainly drive by a solid performance in the company’s fixed-line business, 9.4% year-on-year up in Q2-18, Sultan continued.

Mobile revenues fell marginally to AED 1.82 billion in Q2-18, versus AED 1.85 billion in Q2-17, as it was impacted by seasonality with Ramadan and Eid.

“To this end, we launched the Business Complete Plan, a one-stop-shop connectivity solution for UAE enterprises offering higher network speeds, free voice minutes, Office 365 and many more features,” the CEO noted.

The Business Complete Plan is designed to bring “simplicity and value” and it will enable the growth of the small- and medium-sized enterprises (SME) sector, he added.

“In support of UAE’s smart city vision for a sustainable future, we partnered with NXN to bring smart energy management solutions to buildings and facilities across the country,” he indicated.