Emirates Integrated Telecommunications Company, the Dubai telecom operator better known as du, reported a 12.7 per cent increase in its third-quarter net profit as service revenue and gross margins rose.
Profit in the three months ended September 30 rose to Dh319 million ($86.8m), from Dh283m a year earlier, the company said on Tuesday in a filing to the Dubai Financial Market, where its shares trade.
Revenue rose 10.5 per cent annually to Dh3.17 billion, from Dh2.87bn, as the company sustained demand for its broadband and mobile services, it said.
Earnings before interest, taxes, depreciation and amortisation grew by 18.5 per cent to Dh1.3bn, from Dh1.1bn from a year ago, while capital expenditure surged 93.5 per cent annually to Dh724m, from Dh374m.
The UAE government's efforts to support the economy after the coronavirus pandemic helped industries recover at a much faster pace compared to most other parts of the world with the telecom industry in particular experiencing a rebound in subscriber numbers, Fahad Al Hassawi, chief executive of EITC, told The National on Tuesday.
“We see things becoming even better than pre-pandemic levels. This is a very positive environment that we operate in and this is what makes me extremely optimistic on next year as well, with all the momentum that was created this year,” he said.
The company will continue to increase investments in 2023, focusing primarily on network and fibre infrastructure, which will always take the “lion's share”, Mr Al Hassawi said.
For the nine months to September 30, net profit rose more than 18 per cent to Dh922.4m, from Dh780.2m a year earlier, while revenue climbed 9.3 per cent to Dh9.4bn, from Dh8.6bn.
The company does not give guidance for its full-year financial report, Mr Al Hassawi said.
Du's full-year net profit for 2021 declined by about 24 per cent to Dh1.1bn, despite revenue rising 5.4 per cent to Dh11.68bn, owing to the effects of the pandemic.
“All market indicators look positive. We are very happy to see that the UAE and this region are continuing to see strong growth, so we are very optimistic about 2023,” he said.
Last month at Dubai's Gitex Global exhibition, Mr Al Hassawi said du was pressing forwards with more investments in its infrastructure and data centres, in line with the UAE's economic growth.
The company is also working on a "strong programme" to tap into the potential of the metaverse as it seeks to enhance its network capabilities, chief technology officer Saleem AlBlooshi told The National earlier in October.
Meanwhile, Du is considering introducing the metaverse to other segments of its business, particularly its enterprise and consumer bases, but this has to "really address needs", Mr Al Hassawi said on Tuesday.
“We are looking at all of this — definitely, this is something that is part of our plans. We are working with our partners in terms of finalising how and where [it will be implemented],” he said.
For the third quarter, revenue for du's mobile services unit continued to recover, growing 10.7 per cent annually to more than Dh1.4bn, with equipment sales generating Dh176m, the regulatory filing said.
We are one of the few companies that continued to invest in our network and capabilities [even during the pandemic], and this was a very wise decision, as today we are seeing all these good results.
Fahad Al Hassawi,
chief executive of du
Revenue for fixed services surged 22.2 per cent annually to Dh892m as the consumer segment continued to perform well, the company said.
Du's mobile customer base grew 14.7 per cent to 7.4 million subscribers, with its postpaid segment adding about 32,000 new customers — a fifth straight quarter of growth — to bring the total to around 1.4 million. Prepaid customers remained stable at six million.
The company also said that it has a debt-free balance sheet, as during the third quarter it fully repaid Dh200m that was drawn on its revolving credit facilities, leaving du with a net cash position of Dh910m and Dh3.8bn of undrawn facilities.
The results put du it in a position to grow its investments and services next year, Mr Al Hassawi said.
“We are one of the few companies that continued to invest in our network and capabilities [even during the pandemic], and this was a very wise decision as today we are seeing all these good results,” he said.
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
The Equaliser 2
Director Antoine Fuqua
Starring: Denzel Washington, Bill Pullman, Melissa Leo, Ashton Sanders
Three stars
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
'Hocus%20Pocus%202'
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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
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
UAE currency: the story behind the money in your pockets
ILT20%20UAE%20stars
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UAE currency: the story behind the money in your pockets
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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Price: From Dh1,700,000
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THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%202020%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Khaldoon%20Bushnaq%20and%20Tariq%20Seksek%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Global%20Market%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20100%3Cbr%3E%3Cstrong%3EFunding%20to%20date%3A%3C%2Fstrong%3E%20%2415%20million%3C%2Fp%3E%0A
Quick%20facts
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
