1.44 billion dirhams net income of "Emirates Integrated Telecommunications" in 2020
Emirates Integrated Telecommunications Company announced yesterday its financial results for the fourth quarter and year ending on December 31, 2020, as the company recorded total revenues of 11.08 billion dirhams and net income of 1.44 billion dirhams during the past year.
The company stated in a statement that the company's capital expenditures increased during the year 2020 by 24.1% on an annual basis to reach 1.87 billion dirhams, which represents a capital intensity of 16.9%, which is the highest level recorded by the company over the past five years, benefiting from its budget to achieve this. The strong public opinion that has enabled it over the past year to maintain its ambitious plans for capital investment.
The Board of Directors recommended approval of a dividend distribution for the year 2020, at 28 fils per share, as in August 2020, 13 fils per share were distributed as semi-annual dividends.
Profits before deduction of interest, taxes, depreciation and depreciation during the fourth quarter of the previous year amounted to 1.03 billion dirhams, reflecting a decline that was contained as a result of the company’s implementation of several cost improvement initiatives in order to enhance the efficiency of operations in all its business sectors. Interest, taxes, depreciation and amortization over the past year, 4.51 billion dirhams, which represents a strong margin for earnings before interest, taxes, depreciation and amortization of 40.7%.
The fourth quarter of the year revenue increased by 1.9%, compared to the third quarter of the same year, to reach 2.74 billion dirhams, registering growth for two consecutive quarters in 2020, with the continued recovery of economic activity.
Mobile phone revenues in the fourth quarter of 2020 were almost stable at 1.32 billion dirhams, compared to 1.33 billion dirhams in the third quarter of the same year, as a result of being affected by the challenges posed by the "Covid-19" pandemic and changes in the lifestyle of the population and mobility.
In the fourth quarter of 2020, the company recorded a 1.0% increase in its mobile subscriber base (compared to the third quarter of 2020), to reach 6.66 million subscribers, with average revenue per user improving by 3.4% on an annual basis, reflecting a better mix of subscribers. With postpaid and prepaid systems.
Fixed line revenues during the fourth quarter amounted to AED 645 million, an increase of 1.4% compared to the third quarter of 2020. The company's revenues from fixed line services during the year 2020 increased to AED 2.57 billion, an increase of 3.0% compared to the previous year.
"The year 2020 was full of challenges as a result of an unprecedented pandemic outbreak that negatively affected most business sectors locally and globally," said the Chairman of the Emirates Integrated Telecommunications Company, Mohammed Al-Husseini.
"The company's operations model showed high efficiency and flexibility compared to business models in many other sectors, as the company was able to adapt and adapt effectively to developments in a business environment that was characterized by many challenges and exceptional circumstances," he added.
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