Emirates Integrated Telecommunications Company, also known as du, reported a sharp rise in its fourth-quarter net profit for 2021 on higher revenue and non-recurring income as mobile services grew.
Net profit for the three months ending in December reached Dh321 million ($87.4m), up more than six times from Dh48m during the same period a year ago, du said in a statement to the Dubai Financial Market, where its shares are traded.
Revenue during the period rose 12 per cent annually to Dh3 billion, with mobile services generating Dh1.4bn. The company attributed the rise in earnings to a “recovery in wholesale revenues, sustained growth in ICT services, handset sales and increased roaming revenues".
Net profit for the full year was down almost 24 per cent to Dh1.1bn over 2020, despite a 5.4 per cent annual rise in revenue to Dh11.68bn.
“Compared to 2020, which was the year of the pandemic and lockdowns, we saw a very positive performance in 2021. This has been the result of a gradual quarter-on-quarter increase in revenue and improvement in our commercial activities,” Fahad Al Hassawi, chief executive of EITC, told The National in an interview.
“We are extremely happy with the commercial momentum that we were able to gain. We see our numbers going back to pre-pandemic levels; we’ve passed the end of the Covid impact and we have very good trajectory.”
EITC's mobile customer base grew 8.9 per cent year-on-year in 2021, ending the year with 7.3 million subscribers. Postpaid customers grew to 1.3 million on the back of strong consumer and enterprise segments, while prepaid subscribers rose to 5.9 million thanks to higher tourist activity driven by Expo 2020 Dubai.
The telecoms operator's fixed line customer base surged 66 per cent year-on-year, ending 2021 with 390,000 subscribers with the growth driven by commercial initiatives across various product categories and the execution of its broadband strategy, the company said.
“In 2021, we returned to growth thanks to our consistent and disciplined strategy execution supported by a gradual improvement of market dynamics … we also fine-tuned our operational model and governance to evolve with our market, our industry and our customers’ needs,” said Malek Sultan Al Malek, chairman of EITC.
EITC's board has recommended a dividend of Dh0.21 per share for 2021.
The company’s shares closed at Dh6.60 at the end of the trading session on Friday.
Although Mr Al Hassawi declined to comment on EITC’s investment plans or if it intends to issue bonds to finance operations in 2022, he said the company is looking for noncore opportunities on the digital consumer front.
We are extremely happy with the commercial momentum that we were able to gain. We see our numbers going back to pre-pandemic levels; we’ve passed the end of the Covid impact and we have a very good trajectory
Fahad Al Hassawi,
chief executive of Emirates Integrated Telecommunications Company
Specifically, the company plans to strengthen its fibre-to-the-home segment, moving from nationwide 5G coverage to focus more on indoor services, he said.
EITC, which also operates the Virgin Mobile brand in the UAE, has 5G coverage over 90 per cent of the nation's populated areas.
“We will fill any gaps in our network. The market is moving in the right direction and our core business continues to grow,” Mr Al Hassawi said.
“With people returning to being more mobile and moving around, this momentum has a positive impact on our business. With the UAE going back to being normal, we can see our activities as well following the same type of trend.”
EITC is majority owned by the Emirates Investment Authority, with other major shareholders including Emirates International Telecommunications Company and Mamoura Diversified Global Holding.
In January 2021, du increased its foreign ownership cap from 20 per cent to 49 per cent to attract more external investors.
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
RACE CARD
6.30pm Maiden Dh165,000 (Dirt) 1,200
7.05pm Handicap Dh165,000 (D) 1,600m
7.40pm Maiden Dh165,000 (D) 1,600m
8.15pm Handicap Dh190,000 (D) 1,600m
8.50pm Handicap Dh175,000 (D) 1,400m
9.25pm Handicap Dh175,000 (D) 2,000m
The National selections:
6.30pm Underwriter
7.05pm Rayig
7.40pm Torno Subito
8.15pm Talento Puma
8.50pm Etisalat
9.25pm Gundogdu
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Look%20Both%20Ways
%3Cp%3EDirector%3A%20Wanuri%20Kahiu%3Cbr%3EStars%3A%20Lili%20Reinhart%2C%20Danny%20Ramirez%2C%20David%20Corenswet%2C%20Luke%20Wilson%2C%20Nia%20Long%3Cbr%3ERating%3A%203%2F5%3Cbr%3E%3C%2Fp%3E%0A
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
ZAYED SUSTAINABILITY PRIZE
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
States of Passion by Nihad Sirees,
Pushkin Press
More coverage from the Future Forum
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Sholto Byrnes on Myanmar politics
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
Abu Dhabi Sustainability Week
Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The five pillars of Islam
Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20JustClean%3Cbr%3E%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20with%20offices%20in%20other%20GCC%20countries%3Cbr%3E%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202016%3Cbr%3E%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20160%2B%20with%2021%20nationalities%20in%20eight%20cities%3Cbr%3E%3Cstrong%3E%3Cbr%3ESector%3A%3C%2Fstrong%3E%20online%20laundry%20and%20cleaning%20services%3Cbr%3E%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%2430m%20from%20Kuwait-based%20Faith%20Capital%20Holding%20and%20Gulf%20Investment%20Corporation%3C%2Fp%3E%0A
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
More on animal trafficking
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
Killing of Qassem Suleimani
