du publishes financial results for Q3 2017
Emirates Integrated Telecommunications Company PJSC (du) has published its financial results for the quarter ended 30 September 2017 (the period), showing a four per cent growth in net profit after royalty to AED 476 million.
Revenue was stable at AED 3.13 billion, compared to AED 3.14 billion in Q3 2016.
“The third quarter of the year marked a milestone for EITC with the official launch of the Virgin Mobile brand. Featuring an innovative, all-digital platform, Virgin Mobile is ushering a new era of connectivity and simplicity for our customers, while also reinventing the traditional telecom business to a more efficient and lower cost base operating model,” said Osman Sultan, EITC’s Chief Executive Officer. “Looking at our financial performance, I am pleased to report a steady Revenue of AED 3.13 billion, despite more pressure in the pre-paid market, and a four per cent growth in Net Profit after Royalty to AED 476 million for the quarter ended 30 September 2017.
Sultan added that pressure continues to be seen on mobile rates, with mobile revenue decreasing 3.3 per cent to AED 2.30 billion, though du remains on track with its strategy of attracting higher quality customers and is pleased to report that the post-paid segment increased 14 per cent in Q3 2017 compared to the same period last year.
“EBITDA was AED 1.33 billion in Q3 2017, compared to AED 1.38 billion for the same period last year, showing a decline year on year as the company invests in adjacent business areas to transition to its next phase of growth. 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. To this end, post-period we announced a significant change in our organisational structure with the creation of three new business divisions to support EITC’s growth,” he said
He added that the newly formed ICT Solutions division will provide UAE government entities and enterprises with advanced end-to-end ICT infrastructure and services; the Digital Lifestyle and Innovation division will be focused on the development of innovative products and services for UAE consumers, including smart home services, and the Infrastructure division will consolidate all infrastructure, network and data centre operations under the EITC umbrella.
“As part of the new organisational model, it gives me pleasure to announce the nominations of Fahad Al Hassawi and Farid Faraidooni as Deputy CEOs, each with oversight and mandate on specific areas. I have the upmost confidence that together we will successfully drive EITC’s transformation agenda and allow expansion into new areas of growth,” said Sultan.