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du posts $126.3m profit in Q2-19; board proposes $160.35m dividends

du posts $126.3m profit in Q2-19; board proposes $160.35m dividends
Telecom company’s revenue grew 5.8%
DU
DU
-3.51% 5.78 -0.21

Dubai – Mubasher: Emirates Integrated Telecommunications Company (DU) has reported a 2.5% year-on-year profit increase during the second quarter of 2019.

du’s profit after royalty went up to AED 464 million ($126.3 million) in Q2-19 versus AED 453 million ($123.31 million) in the year-ago period, according to a bourse statement released on Tuesday.

"du’s extensive investment in the latest technologies and infrastructure enhances our competitiveness and enables us to continue upgrading our services to meet our customer requirements,” chairman of du, Mohamed Al Hussaini, said.

The Dubai-listed telecom company’s fixed revenue grew 5.8% to AED 617 million from April 2019 to the end of June, against AED 583 million the year before.

“It is clear that our efficiency plan and investments in new technologies to drive forward our digital strategy and prepare our company for the needs of tomorrow allowed us to contain the erosion of EBITDA. The result of this has been a solid EBITDA performance of AED 1.47 billion,” du’s CEO Osman Sultan stated.

du posted a 14.2% year-on-year drop in profits for the first quarter of 2019, registering AED 444.81 million ($121.1 million).

Dividends

The company’s board recommended the distribution of AED 589 million ($160.35 million) in cash dividends for the first six months of 2019.