UAE operator, du has reported a 14.9% increase in net profits for Q4, 2017. Yearly revenues for the company reached AED 13 billion for the first time since inception. The company also attained 12.3% growth in its post-paid segment during the year. EBITDA margin stood at 40% for the year.
The board of directors has proposed a total annual dividend payment of 35 fils per share, of which 22 fils per share represents the final dividend payment for the year, which is subject to approval at the Annual General Meeting (AGM). 13 fils per share was awarded as an interim dividend in October 2017.
Ahmad Bin Byat, chairman of EITC, said: “The successes achieved last year are an indication that the strategic transformation our company has undertaken is enabling us to adapt to the evolving industry and accommodate the changes in customer and business behaviour. Our strategic goals have the UAE at their core, contributing to the nation’s sustainable growth through digital transformation. During 2017 we made good progress in this regard, having developed the Dubai Smart City platform, now fully operational, with core infrastructure in place and delivering.
“The world of tomorrow is inextricably linked to talent. During 2017 we invested in developing the skills of our people and in bringing in the right talent to support the growth of our Company.”
Osman Sultan, EITC’s CEO, said: “Net profit after royalty had an excellent growth quarter on quarter, up 14.9% in Q4 2017 to AED 425 million, which helped maintain a stable annual net profit after royalty of AED 1.71 billion, recovering from a weak quarter in Q1 2017.
“Operationally, in 2017 we officially launched our second brand Virgin Mobile, an innovative fully-digital platform complementing our well established du brand. This ushers in a new era of connectivity and simplicity for our customers, while also reinventing the traditional telecom business towards a more efficient, lower cost base operating model. Virgin Mobile firmly places EITC at the head of the curve in terms of innovation in the telecom sector.
“The structural changes in our organisation are underpinned by an effective delivery model enabled by next generation network and IT, streamlined and simplified end to end processes and best in class human capital, thereby building a strong foundation for the future.”
In October 2017, EITC announced a new organisational structure with the launch of three new divisions. Three Emirati leaders were promoted within the company to senior leadership positions. Fahad Al Hassawi and Farid Faraidooni were appointed deputy CEOs, each with oversight and mandate on specific areas, and Saleem Al Blooshi was appointed chief infrastructure officer. EITC further appointed Eddy Skaf as chief strategy officer.