Du profits jump 14.9% as telecoms boom in the UAE

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Du’s revenue also grew by 0.5% in 2017 to £668 million

UAE telco Du has posted a 14.9% increase in its fourth quarter profits to AED425 million (£82.3 million), according to a company release. Revenues at the Dubai based firm rose by 0.5% to AED3.45 billion (£668 million) in the 4^th quarter of 2017.

“2017 was a strong year for our company, with revenue reaching the mark of AED 13 billion for the first year since inception. As a result of our solid financial performance and a good efficiency programme we can deliver on a sustainable dividend policy in spite of the increasing pressure on the margins of telco service providers globally,” said Ahmad Bin Byat, chairman of Du.

Du’s board of directors has awarded a 35 fil per share dividend for the year. Du has already paid 13 fils per share as an interim dividend in October 2017. The remaining dividend of 22 fils per share will be approved at the forthcoming board meeting.

“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,” Bin Byat added.