Emirates Integrated Telecommunications Company, the Dubai telecoms operator known as du, reported a 42.7 per cent increase in its third-quarter net profit – its highest quarterly profit in three years – driven by a surge in customers and rising revenue.
Net profit for the three months to the end of September was Dh719 million ($196 million), the company said on Monday in a filing to the Dubai Financial Market, where its shares are traded.
Revenue rose about 9.1 per cent annually to nearly Dh3.6 billion, driven by a 7 per cent growth in mobile services revenue to more than Dh1.6 billion. Fixed service revenue stood at over Dh1 billion, up 7.9 per cent.
The company’s mobile customer base increased 2.7 per cent annually to 8.3 million subscribers. It reported 71,000 net-additions in the July-September period and 218,000 over the past 12 months.
The company said the growth was driven by a “robust 12.5 per cent growth in postpaid subscriber base supported by … compelling consumer offers, such as unlimited data plans and special roaming bundles for the holiday season”.
Its fixed customer base grew 14.2 per cent annually to 655,000 subscribers, with 24,000 net-additions in the last quarter and 81,000 over the past one year.
Du's nine-month profit, meanwhile, surged 49.7 per cent to more than Dh1.9 billion as revenue rose 6.8 per cent to nearly Dh10.8 billion.
“We continued to execute our strategy of strengthening our core connectivity business while selectively expanding beyond the core to position ourselves as a leading integrated digital services enabler,” said Fahad Al Hassawi, du’s chief executive.
“These results highlight the alignment of our products with customer needs and the high quality of our infrastructure. Our strong cash generation and healthy balance sheet provide us with the flexibility to invest in future growth opportunities and deliver strong returns to our shareholders.”
Du is also aiming to offer “affordable and accessible” cloud and artificial intelligence services in the UAE as it prepares to launch them locally next year.
The company will start by offering cloud and AI services to government agencies by the first half of 2025, competing with major players like Microsoft, Amazon and Google in the UAE market, Mr Hassawi told The National in September.
In the third quarter, du's earnings before interest, taxes, depreciation and amortisation (Ebitda) increased 16.9 per cent on a yearly basis to over Dh1.7 billion.
Ebitda growth was driven by a “combination of revenue growth, an improved revenue mix and an effective management of operating expenses”, the company said.
Du’s capital expenditure for the last quarter stood at Dh511 million. The company said it will continue extending its 5G coverage focusing on densification and indoor coverage, as well as introducing fibre in new and existing developments.
The company's operating free cash flow increased by 27.9 per cent to more than Dh1.2 billion.
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
Australia World Cup squad
Aaron Finch (capt), Usman Khawaja, David Warner, Steve Smith, Shaun Marsh, Glenn Maxwell, Marcus Stoinis, Alex Carey, Pat Cummins, Mitchell Starc, Jhye Richardson, Nathan Coulter-Nile, Jason Behrendorff, Nathan Lyon, Adam Zampa
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
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The specs: 2019 Jeep Wrangler
Price, base: Dh132,000
Engine: 3.6-litre V6
Gearbox: Eight-speed automatic
Power: 285hp @ 6,400rpm
Torque: 347Nm @ 4,100rpm
Fuel economy, combined: 9.6L to 10.3L / 100km
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
