du reports 7.3% revenue growth in 2024 to $3.97bln
The company's net profit grew 49.1%, reaching a record AED2.5 billion ($680 million), underscoring its ability to drive both top-line expansion and bottom-line improvement, du said.
Exceptional profitability was achieved with EBITDA increasing by 11.6% to AED6.5 billion, EBITDA margin up by 1.7pp to 44.2% .
'Our strong financial performance and robust balance sheet enabled the board to recommend distributing 34 fils per share as the final dividend for 2024, taking our 2024 dividend to 54 fils per share, the highest dividend in the history of du and the maximum amount of dividends per share allowed by our dividend policy,' the company said.
Malek Sultan Al Malek, Chairman, commented: 'In 2024, we made significant progress in our transformation journey from a traditional telecom operator to a comprehensive digital services provider, supported by UAE's resilient economy and ambitious digital agenda. The introduction of the du Tech and du Infra sub-brands enhances our B2B service offerings and caters more effectively to specific market segments. The launch of du Pay challenges the status quo, promoting financial inclusion, accessibility and security.
'Our mobile and fixed network, supporting close to 10 million subscribers, is forming the backbone of the UAE's digital economy, highlighting the success of our customer-centric and digital-first approach. We continue introducing new-generation technologies and forming strategic partnerships with global tech leaders to become the partner of choice of businesses in their digital transformation journey.
'Our focused strategy execution translated into exceptional financial performance in 2024, marked by strong revenue and profitability growth. On the basis of these excellent results, the Board has proposed a final dividend of 34 fils per share, taking the final dividend to 54 fils per share, the highest dividend in the history of du.
'Our outlook remains positive as we continue to progress on our transformation journey, prioritise emerging technologies, and strengthen our position in the telecom and ICT sectors to meet evolving market demands. We are confident in our ability to drive sustained growth and value for our shareholders while shaping the UAE's digitally empowered future.'
Fahad Al Hassawi, CEO said: '2024 was a pivotal year for du. During the year, the company achieved record financial performance and reached major operational and strategic milestones. We reinforced our position as a leading Telecom and Digital Services Provider, by driving innovation with new services, additional revenue streams and enhanced networks, and by focusing on our digital-first strategy to deliver exceptional customer experience. Key milestones included the launch of the du Tech and du Infra sub-brands, the roll-out of the du Pay fintech solutions, and the deployment of the Middle East's first indoor 5G-Advanced Network. In the Data centre business, strategic partnerships with Oracle Alloy and AI Hosting Hub boosted our capabilities, while a new strategic partnership with Telefónica will strengthen our competitive edge.
'Looking ahead, we will continue driving digital transformation and strategic revenue diversification, enhancing our infrastructure and expanding partnerships, while sustainably driving operational efficiency, profitable growth and value creation to all our stakeholders.'
Customer base
In Q4 du's mobile customer base grew 4.2% year-over-year reaching 8.9 million subscribers with 600,000 net-additions in the quarter. The postpaid subscriber base grew by 10.0% year-over-year to 1.8 million customers supported by attractive B2B initiatives such as SME infinite plans and new postpaid plans for large enterprise customers as well as new consumer offers, such as the UAE nationals Exclusive postpaid plan. Meanwhile, its prepaid customer base grew by 2.9% y-o-y reaching 7.1 million driven by attractive offers to residents such as special offers for blue collar workers and attractive offers dedicated to du Pay customers as well as successfully capturing the increase in tourism activity by upgrading our services with offers such as the e-sim for tourists, the tourist welcome bonus and enhanced bundles for tourists.
In Q4, its fixed customer base saw a strong growth of 12.8% year-over-year reaching 682,000 subscribers, with 27,000 net-additions in the fourth quarter and 78,000 over the past 12 months driven by growth of demand for our Fibre and Home Wireless services including home wireless gaming and attractive offers by our Virgin brand and the improvement of our Fixed services market share.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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