du distributes AED589 million to shareholders
Emirates Integrated Telecommunications Company PJSC (‘du’) held its General Meeting on September 13 where shareholders approved an interim cash dividend of AED0.13 per share, a total distribution of AED 589.3 million, for the first half of 2017.
“The interim dividend reflects our progressive dividend policy, which seeks to balance the investment needs of the business, whilst rewarding the commitment and loyalty of our shareholders,” said Khalid Balama Al Tamimi, EITC’s Vice Chairman.
Shareholders registered on the company’s share book on the trading date ended 20th September 2017 and settlement 24th September 2017 will be entitled to receive the interim dividend payout.
The du brand was launched in 2007 and serves 9 million active subscribers and over 100,000 businesses throughout the UAE.
EITC will launch its second brand, Virgin Mobile, the region’s first digital service, later this year.
During the General Meeting, shareholders were also provided with an overview of EITC’s financial performance during the first half of 2017.
Highlights included: total revenue increasing by 6.2 per cent to
AED 3.3bn, of which mobile revenue increased by 5.2 per cent to AED2.3bn and fixed grew 9.3 per cent to AED700 million.
Within the first half of 2017, EBITDA grew by nearly 10 per cent to AED1.4bn from Q1 2017 to Q2 2017; net profit after royalty for the half year was AED812m and EITC’s customer base at 30 June 2017 was 8.2 million, an increase of 1.5 per cent compared to 30 June 2016.
“EITC has made steady progress in the first half of 2017 and the financial results reflect both the opportunities and challenges of our markets. The business is successfully generating revenue growth whilst mitigating the impact of market conditions, downward pressure on mobile rates and data monetization. EITC continues to invest in new growth opportunities, many of which will support the growth of the UAE government’s digital agenda, helping to create new streams of revenue for the business,” added Mr. Al Tamimi.