Company’s first-half profits surpass AED 1bn; interim dividends authorized
Dubai – In a remarkable display of financial strength, Emirates Integrated Telecommunications Company, commonly known as du, has reported a significant increase in net profits for the first half of 2024. According to the latest financial results, du’s net profits surged to AED 1.18 billion, marking a remarkable 54.20% increase compared to the same period last year, when the net profits stood at AED 768 million.
This impressive financial performance was driven by a 5.70% increase in revenues, which reached AED 7.17 billion in the first half of 2024, up from AED 6.78 billion in the corresponding period in 2023. The company’s strong revenue growth reflects its ongoing commitment to providing innovative and high-quality services to its customers.
In the second quarter of 2024, du continued its impressive financial performance, with profits jumping by 46.30% to AED 581 million, compared to AED 397 million in the second quarter of 2023. Revenues also saw a healthy growth of 7.30%, reaching AED 3.59 billion in Q2-24, up from AED 3.34 billion in Q2-23.
Commenting on du’s financial results, Malek Al Malek, the Chairman of the company, highlighted du’s commitment to technological innovation and customer experience. Al Malek stated, “The company remained at the forefront of technological innovation to offer the best experience to our customers in areas including Fintech and AI.” He also announced that the board of directors had approved the distribution of an interim cash dividend of AED 0.20 per share, representing an increase of 53.80% compared to the interim dividends of 2023.
In the first quarter of 2024, du achieved net profits of AED 602.91 million, a significant increase from AED 370.48 million in Q1-23. This strong financial performance underscores du’s position as a leading telecommunications company in the region.
With its impressive financial results and commitment to innovation, du is well-positioned to continue its growth trajectory in the highly competitive telecommunications market. As the company continues to invest in cutting-edge technologies and enhance its service offerings, du is poised for further success in the coming months and years.
Overall, du’s strong financial performance in the first half of 2024 reflects its solid business strategy and operational excellence. As the company navigates the evolving telecommunications landscape, du remains focused on delivering value to its customers and generating sustainable returns for its shareholders.
In conclusion, du’s impressive financial results for the first half of 2024 demonstrate its resilience and ability to thrive in a challenging business environment. With a strong focus on innovation and customer-centricity, du is well-positioned to capitalize on emerging opportunities and drive continued growth in the telecommunications sector.
