Emirates Integrated Telecommunications Company (EITC), the parent company of Dubai operator Du, approved the company’s dividend distribution policy and allowed the board of directors to distribute interim dividends to shareholders, the company said on Wednesday.
“Our shareholders approved the recommendation of the board of directors for a dividend payment of Dh0.22 per share [for the second half of 2018], bringing the total dividend payment for 2018 to Dh0.35 per share,” said Mohamed Hadi Al Hussaini, chairman of EITC.
“This demonstrates our company’s commitment to shareholder value and our ability to deliver on our commitments,” he added.
Fourth-quarter profit for Du, the UAE's second-biggest telecoms company, fell 18.3 per cent. The firm expects to spend Dh1.3 billion to Dh1.4bn this year on capital expenditure, up from Dh1bn in 2018 as it works to roll-out 5G services.
Du plans to have set up more than 700 5G-enabled stations by the end of this year.
“In the UAE we have been fortunate to be seen as a key enabler in the nation’s digital transformation agenda, which has triggered our own process of transformation and has guided our own strategy,” said Mr Hussaini.
The company recorded revenue of Dh13.41bn in 2018, supported by an increase in higher quality customers and by a solid performance in the fixed line business. Total customers reached almost 9 million in 2018.