The financial statements of the UAE Integrated Telecommunications Company (du) revealed that the company's profits in the first half of this year increased by 23.5% on an annual basis.
The company recorded a profit of 614 million dirhams in the first half of this year, compared to profits of about 497 million dirhams in the same period last year.
The company’s revenues during the comparison periods increased by 9% to reach 5378.1 million dirhams, compared to 6265 million dirhams in the same period in 2021.
The company attributed the increase in profits during the comparison periods to the increase in revenues, and the increase in the income margin to 25.1% compared to 23.8% during the same period of the previous year due to the increase in revenues by a greater percentage than the increase in direct costs.
The increase in the semi-annual profits is also due to the decrease in expected credit losses by 28% to reach 67.5 million dirhams during the first half of 2022, compared to 93.4 million dirhams during the same period last year, in addition to a 6% decrease in financing costs to 47.7 million dirhams, compared to 50.6 million dirhams. million dirhams during the first half of the previous year.
The company's profits in the second quarter of this year amounted to about 302.8 million dirhams, compared to 239.8 million dirhams, profits for the same period in 2021, an increase of 26.3%.
