Du posts Dh257m Q1 net profit
Emirates Integrated Telecommunications Co.(EITC), also known as du, on Monday said that it posted a net profit of Dh257 million for the first quarter of 2021, as compared to Dh355 million for the same quarter last year, down by 27.6 per cent.
The UAE’s second telecom operator recorded Dh2.88 billion revenues for the quarter ended on March 31, 2021 as against Dh2.99 billion for the same quarter last year, drop by 3.67 per cent. Revenues grew for a third consecutive quarter-over-quarter as economic activity in the country continued to improve.
Its mobile revenues stabilised at Dh1.31 billion, thanks to 1.9 per cent growth in the mobile subscriber base to 6.8 million. On a year-on-year comparison, mobile revenues showed a 12.7 per cent erosion due to Covid-19 impact.
The telecom operator’s fixed revenues reached an all-time high of Dh663 million. Capital expenditures were at Dh568 million, an increase of 83 per cent year-on-year. In Q1 2021, its investments were focused mainly on the core network, as well as 5G roll-out, and on improving mobile coverage and capacity.
“During Q1 2021, we continued seeing additional signs of gradual recovery in our general macro-environment... Mobility is increasing with the hospitality sector opening up, international tourism improving and people adapting their lives to Covid-19 situation,” said Fahad Al Hassawi, acting CEO of EITC.
“During the quarter, we continued investing in our network. Our capital allocation plan is validated by encouraging Broadband net-adds trends and sell-through of iPhone 12. We added 13,000 Broadband customers during the quarter, which is nearly as much as the annual net-adds in previous years. Strong demand for iPhone 12 and other 5G enabled handsets are a precursor for demand for 5G services,” he said.
He added the company initiated a transformation late last year and deliberately stepped up its capital allocation.
“The new operating model seeks to deliver deeper and more personalised customer engagement, a faster go-to-market approach, and a purpose and performance driven culture. We are committed to investing in our customers and the UAE,” said Al Hassawi.
On the other hand, tea, coffee and milk saw a drop in prices. READ MORE
Etisalat said its refinancing decision aims to diversify the... READ MORE
Emaar Malls recorded a net profit of Dh318 million during the first... READ MORE
Reports from five specialised global institutions disclosed that the... READ MORE
The youths filmed themselves walking at a mall without masks and... READ MORE
Students and staff must strictly adhere to all Covid safety protocols. READ MORE
Toll charges will resume once the holiday period is over. READ MORE
The kingdom will ensure the health and safety of pilgrims and enable... READ MORE