Du reports increased profits for Q3

EITC undergoes massive re-organisation for the next phase of growth
"We are driving EITC to its next phase of growth as a fully integrated ICT player," says Sultan.
"We are driving EITC to its next phase of growth as a fully integrated ICT player," says Sultan.

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EITC PJSC (“du”) has reported a 4% growth in net profit after royalty to AED 476 million ($129.6 million). Revenue stayed stable at AED 3.13 billion ($850 million).

“We continue to see pressure on mobile rates, with mobile revenue decreasing 3.3% to AED 2.30 billion ($630 million). We remain on track with our strategy of attracting higher quality customers and are pleased to report that the post-paid segment increased 14% in Q3 2017 compared to the same period last year,” said  Osman Sultan, EITC’s chief executive officer.

EBITDA declined to AED 1.33 billion ($360 million) in Q3 2017 from AED 1.38 billion ($380 million) for the same period last year, as the company invested in adjacent business areas to transition to its next phase of growth. Sultan added that the official launch of the Virgin Mobile brand, featuring an all-digital platform, marked a milestone for EITC in Q3.  

“As we look towards a smart future, we are investing in pushing forward our digital transformation agenda and driving EITC to its next phase of growth as a fully integrated ICT player. Our increased reliance on the IoT has fundamentally changed the way people interact and we therefore must change the way we do business,” Sultan said.

To this end, EITC has recently announced a significant change in its organisational structure with the creation of three new business divisions to support EITC’s growth. These are the ICT Solutions division; the Digital Lifestyle and Innovation division, and the Infrastructure division. Fahad Al Hassawi and Farid Faraidooni have been appointed as Deputy CEOs.

The UAE incumbent, Etisalat UAE’s net profits for Q3 also increased 4% YoY to stand at AED 2.0 billion ($540 million).

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