Dubai – Mubasher: Emirates Integrated Telecommunications Company’s (du) net profit totalled AED 1.73 billion in 2019, down by 1.3% when compared to AED 1.75 billion in FY18.

The company’s revenue went down by 6.2% YoY to AED 12.59 billion, according to a press release on Tuesday.

"I am pleased with the strong results that du was able to achieve despite the challenging environment that the telecom market went through in 2019,” du’s chairman Mohamed Al Hussaini commented.

Capital expenditure increased by 46.8% to AED 1.5 billion on the back of the continuation of the investment in 5G network rollout, fibre network expansion, and IT modernisation and transformation initiatives.

"I note that EITC has been able to navigate in a changing environment, starting to pull growth levers in promising business lines, to protect its margins and profitability and to inject important capital towards the deployment and modernisation of its infrastructure,” du’s CEO Johan Dennelind said.

Moreover, the Dubai-listed company’s board recommended the distribution of 34 fils in cash dividends for the full year 2019.

It is worth mentioning that du’s profits totalled AED 381.2 million in the third quarter of 2019 when compared to AED 440.8 million in the corresponding quarter in 2018.