Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) logged net profits worth AED 1.21 billion in 2022, up 10.80% year-on-year (YoY) from AED 1.10 billion.
Revenues stood at AED 12.75 billion in January-December 2022, an annual growth of 9.20% from AED 11.68 billion, according to the consolidated financial results.
Meanwhile, the basic and diluted earnings per share (EPS) increased to AED 0.27 last year from AED 0.24 in 2021.
Total assets amounted to AED 16.56 billion as of 31 December 2022, lower than AED 16.67 billion a year earlier.
Income Statements for Q4-22
During the fourth quarter (Q4) of 2022, the telecom firm posted a 10.70% YoY decline in net profit to AED 286 million from AED 321 million.
The revenues surged by 8% to AED 3.31 billion in Q4-22, versus AED 3.07 billion in the October-December 2021 period.
Malek Sultan Al Malek, Chairman of du, said: “Our business performed exceptionally well thanks to a robust economic environment fueled by population growth, an increase in tourism activity, GDP growth as well as our strong commercial momentum.”
Dividends for H2-22
The company's board agreed on 13 February 2023 to disburse cash dividends of AED 0.13 per share for the second half (H2) of 2022. However, the decision is still subject to the approval of the UAE Securities and Commodities Authority (SCA).
Al Malek highlighted that “The board is recommending to increase the full-year dividend to 24 fils per share, out of which 11 fils per share were already paid in August 2022 as an interim dividend.”
He noted: “This corresponds to a 14.30% increase and a distribution of 99.10% of net profit after appropriation for statutory reserves.”
In the first nine months (9M) of 2022, the UAE-based company generated AED 933.33 million net profits, compared to AED 780.22 million in 9M-21.
