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du reports lower net profits in 2020; dividends proposed

du reports lower net profits in 2020; dividends proposed
The company generated revenues of AED 11.08bn in 2020
-2.61% 6.71 -0.18

Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) reported a decrease in net profits to AED 1.44 billion in 2020, compared to AED 1.73 billion in the earlier year.

The company generated revenues of AED 11.08 billion in 2020, down from AED 12.59 billion in 2019, according to the company's consolidated financial results for the period ended 31 December 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.32 in 2020, versus AED 0.38 in 2019.

The company's board proposed a dividend distribution of 28 fils per share for 2020, out of which 13 fils per share were paid in August 2020 as an interim dividend.

The Chairman of du, Mohamed Al Hussaini, said: "2020 has been a challenging year with the unprecedented pandemic impacting all businesses locally and globally.  Our business model proved solid and resilient compared to many other industries."

The Acting CEO of du, Fahad Al Hassawi, commented: "Our business saw a positive momentum towards a gradual return to normality in the second half of 2020, as economic activity and trade and tourism resumed."

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company saw AED 824.14 million net profits, lower than AED 381.19 million in the corresponding quarter of 2019.