Emirates Integrated Telecommunications Company, the parent company of Dubai-based telco Du, has reported an 11 percent year-on-year increase in net profits for the second quarter of 2021, although the number was slightly down on the previous quarter.
Financial results revealed on Monday showed net profit of AED240 million ($65.4m), up from the AED215m ($58.5m) posted for the second quarter last year, but a drop from the AED257m ($70m) announced for the first three months of this year.
Mohamed Al Hussaini, chairman of du.
It was a similar picture for the company’s revenues for Q2, which stood at AED2.855 billion ($777.4m), up seven percent year-on-year, but down from the last quarter (AED2.88bn).
EBITDA stood at AED1.130bn ($307.7m), up 7.3 percent from the same period in 2020.
Chairman Mohamed Al Hussaini said: “EITC had a solid performance during the second quarter. It is satisfying to see operating and financial metrics returning to growth. The company continues to deploy significant resources towards infrastructure expansion and modernisation.”
The telco giant’s customer base also increased 2.3 percent to 6.6 million as the country continues to chart a course of recovery from the coronavirus pandemic.
Fahad Al Hassawi, CEO, du.
Fahad Al Hassawi, CEO, added: “We have proved we can rebound from a challenging environment and deliver growth. We delivered a seven percent growth in revenues. More significantly, I am very pleased that we stemmed the decline in mobile service revenues.
“We remain vigilant on our cost base as cost reduction initiatives helped push EBITDA and net profit up seven percent and 11 percent respectively. With our customers in mind, we invested AED649m ($176.7m) on our infrastructure as we seek to better serve them.”
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