Emirates Integrated Telecommunications Company announced its financial results for the second quarter and first half of 2020.
It stated in a statement issued yesterday, that the total revenue in the first half reached 5.66 billion dirhams, while its net income was 570 million dirhams.
And confirmed the approval of the Board of Directors to distribute semi-annual profits to shareholders of 589 million dirhams, or 0.13 dirhams per share.
According to the data, the company recorded a total revenue of 5.66 billion dirhams, compared to 6.33 billion dirhams in the first half of 2019. She attributed the decline to the decline in mobile phone and “other revenue” revenues, partly offset by the continued growth in fixed-line revenue.
In turn, mobile phone revenues in the second quarter of 2020 witnessed multiple pressures as a result of restrictions imposed on movement in the country, and as a result, mobile phone revenues decreased in the first half to reach 2.81 billion dirhams.
As for fixed phone revenues during the first half, it recorded a growth of 4.8% year on year to reach 1.29 billion dirhams.
The company revealed that during the first half of 2020, its investments amounted to 819 million dirhams, an increase of 75.3% compared to the first half of last year.
In turn, the Chairman of the Emirates Integrated Telecommunications Company, Mohamed Hadi Al Husseini, said: “We are committed to continuing to invest in our business in a way that ensures us achieve more value for our shareholders in the long term. Our semi-annual capital expenditures increased by 75.3% to 819 million dirhams, equivalent to 14.5% of total revenue during the first half of the year.
He continued, "Thanks to the budget and the strong financial position the company enjoys, we were able to distribute semi-annual profits to shareholders, reflecting our continued commitment to achieving value for them."
6.42 million subscribers
The mobile subscriber base in the company reached 6.42 million subscribers at the end of the second quarter, compared to last year.
As for the fixed-line subscriber base, it continued to rise at a good rate, as the number of subscribers at the end of the second quarter reached 226 thousand, an increase of 6.8% compared to the second quarter of 2019.