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Tue 23 Jul 2019 05:53 PM

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Dubai telecoms giant posts $248m H1 net profit

Emirates Integrated Telecommunications Company increases capital expenditure as it prepares for 'new era in connectivity'

Dubai telecoms giant posts $248m H1 net profit
Osman Sultan, EITC’s CEO.

Emirates Integrated Telecommunications Company, the parent company of Dubai-based telco Du, on Tuesday reported a 11.3 percent increase in net profit after royalty to AED913 million ($248.5 million) for the first half of 2019.

Half year revenues totalled AED6.33 billion for the same period, the company said in a statement.

Mohamed Al Hussaini, chairman of EITC, said: "EITC’s extensive investment in the latest technologies and infrastructure enhances our competitiveness and enables us to continue upgrading our services to meet our customer requirements.  In doing so, we actively support the UAE’s ambitious digital transformation agenda as set out by the forward-looking leadership of the nation.”

Osman Sultan, EITC’s CEO, added: “We continue investing in our business to meet the needs of tomorrow. Our strong capital position enabled us to increase our capital expenditure to AED467 million during H1 2019, investing in our network and capabilities, paving the way for the commercial launch of 5G technology and preparing our company for a new era in connectivity.

"We remain focused on making the right investments in our business to deliver our digital strategy and prepare our company for the future of the telecom business."

Revenues were impacted by industry wide challenges, particularly the continued pressure on voice revenues, he said, adding that the company's total mobile subscriber number declined by nearly 9 percent due to the continued clean-up of its prepaid base.

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