Du Logs $675mln Net Profits In 2024; Highest Dividends Unveiled

Emirates Integrated Telecommunications Company (du) posted an annual hike of 49.10% in net profit to AED 2.48 billion ($675mln) during 2024, compared to AED 1.66 billion.

Revenues increased by 7.30% to AED 14.63 billion at the end of December 2024 from AED 13.63 billion, according to the financial results.

Basic and diluted earnings per share (EPS) climbed to AED 0.55 last year from AED 0.37 in 2023.

Financials for Q4

In the fourth quarter (Q4) of 2024, the telecom group generated 47.50% higher net profits at AED 585 million, compared to AED 396 million.

The revenues grew by 8.80% to AED 3.87 billion in Q4-24 from AED 3.55 billion in Q4-23.

Cash Dividends

The board recommended distributing 34 fils per share as the final dividend for 2024, taking the full-year dividend to 54 fils per share. This marks the highest dividend in the history of du.

Malek Sultan Al Malek, Chairman of du, said: “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.”

“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,” Al Malek highlighted.

Fahad Al Hassawi, CEO of du, commented: “2024 was a pivotal year for du. 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,” Al Hassawi mentioned.