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Tue 31 Oct 2017 11:09 AM

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UAE telco du reports rise in Q3 profit

du CEO Osman Sultan announced nominations of new deputy CEOs

UAE telco du reports rise in Q3 profit
Osman Sultan, du CEO

UAE telco du (Emirates Integrated Telecommunications Company) reported a 4 percent rise in Q3 profit.

Du, the UAE’s second largest telco, said its Q3 net profit after royalty was $129.5 million (AED475.7m) in the three months to September 30, compared with $129.5m (AED457.2m) in the same quarter last year.

Revenue in Q3 was $852m (AED3.13bn), slightly down from the $854m (AED3.14bn) it reported last year.

In terms of users, du said its postpaid mobile subscribers increased by 14% during the three month period.

Commenting on the results, Osman Sultan, du CEO, said he was pleased with the financial performance “despite more pressure in the pre-paid market.”

He added: “We continue to see pressure on mobile rates, with mobile revenue decreasing 3.3% to AED 2.30 billion ($626m). We remain on track with our strategy of attracting higher quality customers.”

He described the third quarter as “a milestone for EITC” with the official launch of the Virgin Mobile brand.

“Featuring an innovative, all-digital platform, Virgin Mobile is ushering a new era of connectivity and simplicity for our customers, while also reinventing the traditional telecom business to a more efficient and lower cost base operating model,” he said.

He said du has changed its organisational model, with the creation of three new business divisions to support its “next phase growth as a fully integrated ICT player.”

Sultan also announced the nominations of Fahad Al Hassawi and Farid Faraidooni as deputy CEOs.

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