Du's 2024 profit hits record on revenue boost from new streams
Emirates Integrated Telecommunications Company − the Dubai telecoms operator known as du − posted a 49 per cent annual jump in its 2024 net profit to a record, boosted by the company's new sub-brands and continued rise in demand for next-generation telecom services in the UAE.
Net profit for the 12 months to the end of December leapt to Dh2.49 billion ($678 million), the company said on Monday in a filing to the Dubai Financial Market, where its shares are traded.
Revenue for the full year rose 7.3 per cent to Dh14.64 billion, exceeding the guidance for 2024, it said.
For the fourth quarter of the year, net profit jumped 47.5 per cent to Dh585 million, while revenue increased 8.8 per cent to Dh3.87 billion.
The company also announced its highest-ever annual dividend of 54 fils per share, which is a 59 per cent year-on-year increase.
In October, du unveiled two new sub-brands – du Tech and du Infra – in a major shake-up to its business-to-business operations aimed at addressing growing demand for digital transformation services in the UAE.
As a result, 2024 was 'pivotal' amid 'major operational and strategic milestones … [that drove] innovation with new services, additional revenue streams and enhanced networks, and by focusing on our digital-first strategy', said chief executive Fahad Al Hassawi.
Du will start offering its sovereign cloud and artificial intelligence services in the UAE in July, its chief ICT officer Jasim Al Awadi told The National last month.
They will be ' affordable and accessible ', Mr Al Hassawi had previously said.
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