Dubai telco du approves $160m H1 cash dividend

Dividend announcement comes as du senior exec sees 'steady progress' in first half of 2017
Dubai telco du approves $160m H1 cash dividend
By Staff writer
Thu 14 Sep 2017 01:13 PM

Emirates Integrated Telecommunications Company (EITC), better known as du, has announced that shareholders have approved an interim cash dividend of AED583.3 million ($158 million) for the first half of 2017.
The company's general meeting approved the dividend of AED0.13 per share.

Khalid Balama Al Tamimi, EITC’s vice chairman, described the dividend as balancing "the investment needs of the business, whilst rewarding the commitment and loyalty of our shareholders".

He said that du has "made steady progress in the first half of 2017".  

"The business is successfully generating revenue growth whilst mitigating the impact of market conditions, downward pressure on mobile rates and data monetisation. EITC continues to invest in new growth opportunities, many of which will support the growth of the UAE government’s digital agenda, helping to create new streams of revenue for the business,” added Al Tamimi.

Du's total revenue increased by 6.2 percent to AED3.3 billion in the first six months of 2017, of which mobile revenue increased by 5.2 percent to AED2.3 billion and fixed grew 9.3 percent to AED700 million.

Net profit after royalty for the half year was AED812 million and du’s customer base was 8.2 million, up 1.5 percent on the year-earlier period.

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