Dubai – Mubasher: The net profits of Emirates Integrated Telecommunications Company (du) decreased to AED 257.149 million during the first quarter (Q1) of 2021 from AED 355.117 million in the same quarter of 2020, according to the company's consolidated financials for the three-month period ended 31 March 2021.

The company generated revenues of AED 2.883 billion in Q1-21, down from AED 2.988 billion in the year-ago period.

The basic and diluted earnings per share (EPS) settled at AED 0.06 in the first three months of 2021, compared to AED 0.08 in the corresponding period of the earlier year.

On a quarterly basis, the company's net profits jumped by 38.7% in Q1-21, compared to AED 48 million in the fourth quarter (Q4) of 2020, on higher earnings before interest, tax, depreciation, and amortisation (EBITDA) and slightly lower depreciation and amortisation charges. 

The company's EBITDA increased by more than 8.7% to AED 1.12 billion in Q1-21 from AED 1.03 billion in Q4-20.

The Acting CEO of EITC, Fahad Al Hassawi, commented: "During Q1 2021, we continued seeing additional signs of a gradual recovery in our general macro-environment. The COVID-19 vaccination campaign is hitting its stride with over 10 million vaccine doses administered to the nation’s residents."