Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) registered a 36.80% year-on-year (YoY) leap in net profit to AED 1.66 billion during 2023.
The recorded net profits were compared with AED 1.21 billion, according to the consolidated statement.
Revenues increased by 6.90% to AED 13.63 billion last year from AED 12.75 billion in 2022, while the basic and diluted earnings per share (EPS) climbed to AED 0.37 from AED 0.27.
Total assets hit AED 17.70 billion as of 31 December 2023, versus AED 16.56 billion a year earlier.
Financial Results for Q4-23
In the fourth quarter (Q4) of 2023, the telecom firm logged net profits amounting to AED 396 million, an annual rise of 38.50% from AED 286 million.
During October-December 2023, the revenues stood at AED 3.55 billion, higher by 7.30% YoY than AED 3.31 billion.
Malek Sultan Al Malek, Chairman of du, commented: “We saw a significant evolution of our business model in 2023, sharpening our strategic focus.”
“This focus has delivered record revenues of AED 13.63 billion, net profit of AED 1.67 billion, and generated an operating free cash flow of over AED 3.60 billion,” Al Malek continued.
He underlined: “Our business remains highly cash generative while sustaining investments in our future growth and our balance sheet remains unleveraged and solid with AED 5.70 billion in available liquidity.”
Dividends
The Chairman announced: “On the basis of these strong results, the board is recommending to increase the full-year dividend to 34 fils per share, out of which 13 fils per share were already paid in August 2023 as an interim dividend.”
“This corresponds to a 41.70% increase and a distribution of 100% of net profits after appropriation for statutory reserves,” he indicated.
As of 30 September 2023, du’s net profits enlarged YoY to AED 1.27 billion from AED 933.33 million.
