du's profits increase in 9 months

In the first half (H1) of 2020, du's net profits retreated

  
An investor looks at stock information in front of an electronic display board at the Dubai International Financial Market March 21, 2010.

An investor looks at stock information in front of an electronic display board at the Dubai International Financial Market March 21, 2010.

REUTERS/Ahmed Jadallah
Dubai – Mubasher: The net profits of Emirates Integrated Telecommunications Company (du) rose to AED 1.39 billion during the first nine months of 2020, compared to AED 1.29 billion in the corresponding period of 2019.

The company's revenues amounted to AED 8.34 billion in the January-September period in 2020, down from AED 9.395 billion in the same period of the earlier year, according to du's consolidated financials for the nine-month period of 2020.

The basic and diluted earnings per share (EPS) stood at AED 0.31 in the first nine months of 2020, versus AED 0.29 in the year-ago period.

The company saw AED 824.14 million net profits during the third quarter (Q3) of 2020, lower than AED 381.19 million in the corresponding quarter of 2019.

The Acting CEO of du, Fahad Al Hassawi, said: "With the start of the recovery in the UAE market, we are pleased to see green shoots of recovery across our business too, for the first time since the onset of the pandemic."

Al Hassawi added: "We have launched a new operating model, underpinned by an acceleration in digital transformation. The new operating model is designed to deliver growth in a digital world, and with it, long-term returns for our shareholders."

It is noteworthy to mention that in the first half (H1) of 2020, du's net profits retreated to AED 570.411 million, compared to AED 913.278 million in the year-ago period.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities