Dubai telco du reports nine-month net profit of $380m

Du CEO Osman Sultan hails 'strong revenue growth and increased profitability' in first nine months of 2018
Dubai telco du reports nine-month net profit of $380m
Osman Sultan, Emirates Integrated Telecommunications Company’s CEO.
By Sam Bridge
Thu 01 Nov 2018 02:03 PM

Emirates Integrated Telecommunications Company, better known as du, on Thursday said its nine-month net profit rose 9.2 percent after paying the Federal royalty.

Net profits totalled AED1.41 billion ($380 million) for January to September while revenues increased by 4.8 percent to AED10.01 billion compared to the same period last year.

Osman Sultan, EITC’s CEO, said: “I am pleased to report a strong revenue growth and increased profitability for the nine-month period.

He said fixed line revenues were "very healthy", up 7.8 percent to AED1.72 billion in the first nine months of 2018.

Despite more pressure in the pre-paid market, mobile revenue remained stable at AED5.40 billion, driven by growth in post-paid customer segment, he added.

Sultan said in a statement: “Operationally, we made excellent progress during the quarter in advancing our digital transformation agenda and cementing our growth to a fully integrated ICT player.

“As we look towards a smart future, we are working diligently to bring next generation technologies such as 5G, IoT, AI, and blockchain into our network.

"We are operating in an environment characterised by rapid change and disruptive innovations and we are proud to be at the forefront of the digital revolution. We have a clear vision and well-defined framework to become an ICT service provider by 2021 and support the UAE Vision 2021 strategy."

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