Du approves dividend of $160m for H1

Dubai-based Emirates Integrated Telecommunications Company (du) held yesterday its

Dubai-based Emirates Integrated Telecommunications Company (du) held yesterday its general meeting where shareholders approved an interim cash dividend distribution of Dh589.3 million ($160.44 million) for the first half of 2017 at Dh0.13 per share. 
“We are delighted to announce an interim distribution of AED 589.3 million to our shareholders.  The interim dividend reflects our progressive dividend policy, which seeks to balance the investment needs of the business, whilst rewarding the commitment and loyalty of our shareholders,” said Khalid Balama Al Tamimi, EITC’s vice chairman.
Shareholders registered on the company’s share book on the trading date ended September 20 and settlement on September 24 will be entitled to receive the interim dividend payout, the company said.
During the general meeting, shareholders were also provided with an overview of EITC’s financial performance during the first half of 2017.  Highlights included: total revenue increasing by 6.2 per cent to Dh3.3 billion, of which mobile revenue increased by 5.2 per cent to Dh2.3 billion and fixed grew 9.3 per cent to Dh700 million; within the first half of 2017, EBITDA grew by nearly 10 per cent to Dh1.4 billion from Q1 2017 to Q2 2017; net profit after royalty for the half year was Dh812 million and EITC’s customer base at  June 30, 2017 was 8.2 million, an increase of 1.5 per cent compared to June 30, 2016.
“EITC has made steady progress in the first half of 2017 and the financial results reflect both the opportunities and challenges of our markets.  The business is successfully generating revenue growth whilst mitigating the impact of market conditions, downward pressure on mobile rates and data monetization.  EITC continues to invest in new growth opportunities, many of which will support the growth of the UAE government’s digital agenda, helping to create new streams of revenue for the business,” added Al Tamimi. -TradeArabia News Service