Dubai telecom operator Du posts $87mln net profit on higher revenues

Publish November 2, 2022
telecom

CEO says business environment has improved to post-pandemic normality

Emirates Integrated Telecommunications Company (du) reported a 13% increase in net profit for Q3 2022 to 319 million dirhams ($87 million) driven by higher revenues, as it added subscribers and sold more handsets.

The profit topped a mean estimate of AED306.50 million by analysts, according to Refinitiv's Eikon data.

Revenues grew nearly 11% to AED3.175 billion, the telecom operator said in a regulatory statement Dubai's DFM on Tuesday. Mobile service revenues rose nearly 11% to AED1.44 million while equipment sales generated AED176 million. Fixed services revenues was up 22% to AED892 million.

Fahad Al Hassawi, Du CEO, said the business environment has recovered to a post-pandemic normality, adding that the company will continue to invest in infrastructure.

The telecoms company added that its mobile customer base grew nearly 15% to 7.4 million subscribers.

During the quarter, Du repaid the AED200 million drawn on its revolving credit facilities. 'This leaves us with a net cash position of AED910 million and AED3.8 billion of undrawn facilities,' the statement said.

zawya

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