Du's revenue in the first quarter rose by 10 per cent annually to Dh3.4 billion. Photo: du
Du's revenue in the first quarter rose by 10 per cent annually to Dh3.4 billion. Photo: du
Du's revenue in the first quarter rose by 10 per cent annually to Dh3.4 billion. Photo: du
Du's revenue in the first quarter rose by 10 per cent annually to Dh3.4 billion. Photo: du

Du's first-quarter net profit jumps 19% on higher revenue


  • English
  • Arabic

Emirates Integrated Telecommunications Company, the Dubai telecom operator better known as du, reported a 19 per cent jump in its first-quarter net profit on the back of higher revenue.

Net profit in the three months to the end of March climbed to Dh370 million ($100.74 million), from Dh311 million a year earlier, the company said on Wednesday in a filing to the Dubai Financial Market, where its shares are traded.

Revenue rose by 10 per cent annually to Dh3.4 billion in the January to March period, from Dh3.1 billion in the same period last year, driven by higher demand for fixed and mobile services.

Mobile service revenue grew 6.3 per cent to Dh1.49 billion while fixed services revenue jumped 15 per cent to Dh936 million on “sustained demand from consumer and enterprise customers”.

Earnings before interest, taxes, depreciation and amortisation (ebitda) rose 7.7 per cent to Dh1.36 billion, from Dh1.26 billion a year ago.

Du ended the quarter with 8.2 million mobile phone subscribers as a result of net additions across the postpaid and prepaid segments. It also attracted about 18,000 new broadband customers in the first quarter.

“We are optimistic for this year [in terms of revenue and profit growth],” chief executive Fahad Al Hassawi told The National in an interview.

“The market is growing from all aspects, [be it] tourism, business, number of residents, and we see growth across all our products … mobile and fixed.”

The UAE’s economy continued to recover from the coronavirus-induced slowdown on the back of government initiatives, higher oil prices, a strong performance in its property sector and a rebound in travel and tourism.

Du chief executive Fahad Al Hassawi said the company will continue to invest to boost its 5G network cover.
Du chief executive Fahad Al Hassawi said the company will continue to invest to boost its 5G network cover.

After growing by 7.6 per cent last year, the highest in 11 years, the UAE economy is expected to expand by 3.9 per cent this year and 4.3 per cent in 2024, the Central Bank said in March.

Du's total capital expenditure for the first quarter stood at Dh408 million at a time when the company is focusing on its IT transformation and expanding its fibre network.

“We will continue to spend on the 5G network, which is something we started a couple of years ago, and we reached a very good place from outdoor coverage reaching 95 per cent across the UAE. Now we are working on improving any remaining spots from the 5G point of view,” Mr Al Hassawi said.

The company will also invest in “improving our own IT system and digital capabilities” but has no plans to raise debt.

“We are comfortable from that point of view and don’t have such need, and we are able to generate [cash] from within the business,” he said.

Batti Gul Meter Chalu

Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5

CONFIRMED%20LINE-UP
%3Cp%3EElena%20Rybakina%20(Kazakhstan)%0D%3Cbr%3EOns%20Jabeur%20(Tunisia)%0D%3Cbr%3EMaria%20Sakkari%20(Greece)%0D%3Cbr%3EBarbora%20Krej%C4%8D%C3%ADkov%C3%A1%20(Czech%20Republic)%0D%3Cbr%3EBeatriz%20Haddad%20Maia%20(Brazil)%0D%3Cbr%3EJe%C4%BCena%20Ostapenko%20(Latvia)%0D%3Cbr%3ELiudmila%20Samsonova%0D%3Cbr%3EDaria%20Kasatkina%E2%80%AF%0D%3Cbr%3EVeronika%20Kudermetova%E2%80%AF%0D%3Cbr%3ECaroline%20Garcia%20(France)%E2%80%AF%0D%3Cbr%3EMagda%20Linette%20(Poland)%E2%80%AF%0D%3Cbr%3ESorana%20C%C3%AErstea%20(Romania)%E2%80%AF%0D%3Cbr%3EAnastasia%20Potapova%E2%80%AF%0D%3Cbr%3EAnhelina%20Kalinina%20(Ukraine)%E2%80%AF%E2%80%AF%0D%3Cbr%3EJasmine%20Paolini%20(Italy)%E2%80%AF%0D%3Cbr%3EEmma%20Navarro%20(USA)%E2%80%AF%0D%3Cbr%3ELesia%20Tsurenko%20(Ukraine)%0D%3Cbr%3ENaomi%20Osaka%20(Japan)%20-%20wildcard%0D%3Cbr%3EEmma%20Raducanu%20(Great%20Britain)%20-%20wildcard%3Cbr%3EAlexandra%20Eala%20(Philippines)%20-%20wildcard%3C%2Fp%3E%0A
RUGBY CHAMPIONSHIP FIXTURES

September 30
South Africa v Australia
Argentina v New Zealand

October 7
South Africa v New Zealand
Argentina v Australia

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
Profile box

Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

Racecard

6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m 

7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m 

7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m 

8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D) 

8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m 

9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m 

10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m  

Selected fixtures

All times UAE

Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm

Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm

Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm

Sunday
Poland v Italy 10.45pm

Monday
Spain v England 10.45pm

Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm

Coming soon

Torno Subito by Massimo Bottura

When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.

Akira Back Dubai

Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as,  “an innovative Japanese cuisine prepared with a Korean accent”.

Dinner by Heston Blumenthal

The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems. 

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

Updated: May 03, 2023, 7:16 AM