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Thu 26 Apr 2018 02:01 PM

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Telco giant du posts $139m net profit in Q1

Dubai-based telecoms operator says mobile subscribers rose 1.3% to 9.3 million

Telco giant du posts $139m net profit in Q1

Emirates Integrated Telecommunications Company, better known as du, published its financial results for the three months ended 31 March 2018 announcing revenue of AED 3.33 billion, an increase of 5.2 percent over the same period last year.

In Q1 2018 EITC recorded a one-off reversal related to regulatory costs, which positively impacted company profitability.

Consequently, net profit after royalty increased by 40.5 percent to AED513 million ($139.6 million) in Q1 compared to the same period last year.

Excluding the impact of the cost reversal, net profit after royalty increased by 7.9 percent, for the same time period. 

Mobile subscribers rose 1.3 percent to 9.3 million.

Osman Sultan, EITC’s CEO, said: “EITC had an excellent start to the year, with the new strategy delivering growth in revenue, subscribers and net profit.

"Growth has come from continued growth in our fixed and other revenues. A positive for the quarter, the average revenue per user (ARPU) has also stabilised compared to the declining trends seen last year.

"We continued to maintain tight control on costs, to optimise our capex spend and to improve efficiencies across the business. These actions have benefitted our profitability."

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