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Mon 14 Sep 2015 01:47 PM

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Dubai telco du pays $272m dividend to shareholders for H1

Telecoms operator announces special dividend following approval for payment at general meeting

Dubai telco du pays $272m dividend to shareholders for H1

Emirates Integrated Telecommunications Company, better known as du, on Monday said it is distributing more than AED1 billion to shareholders in the form of a special dividend for the first half of 2015.

The telecoms operator held its general meeting where shareholders approved an interim cash dividend of AED0.13 fils per share and a special dividend payout of AED0.10 fils per share.   

“In light of our progressive dividend policy and supported by our strong capital position, we are delighted to announce the return of AED1.05 billion to shareholders by way of a special and interim dividend for the first half of 2015. This is a reward, and a show of our thanks, for their ongoing commitment and support,” said Ahmed bin Byat, du’s chairman.

Shareholders that are registered in the company’s sharebook on September 27 will be entitled to receive the dividend payout, the company said in a statement.

Du previously announced a 3.1 percent rise in Q2 net profit before royalty to AED978.5 million, with fixed line revenue increasing by 20.2 percent, data revenue jumping by 4.9 percent, and EBITDA climbing 3.5 percent to a record AED1.34 billion.    

During the first half of the year, du also announced the rollout of network sharing across fixed line services with rival Etisalat. 

“Network sharing between du and Etisalat is a major step towards healthy competition between the two operators, and will allow du to build a greater share of the fixed-line market, reinforcing our competitive position. This fits the UAE agenda of encouraging the best in service through healthy competition.” Bin Byat added.

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