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Emirates Integrated Telecommunications Co., also known as Du, said on Wednesday its net profit for Q1 2023 jumped 19% to 370 million dirhams ($100.7 million) as the company added mobile and broadband subscribers.
In a regulatory filing to the Dubai Financial Market on Wednesday, the telecoms provider said revenue grew 10% year on year (yoy) to AED3.44 billion.
The rise in net profit was primarily due to higher EBITDA and an increase in finance income driven by higher interest rates and optimized cash management, the company said. "These elements were partially offset by an increase in royalty expense."
Du's mobile subscribers rose 9.4% to 8.2 million while in the broadband services, subscriptions grew over 26% yoy.
Mobile service revenues rose over 6% to AED 1.49 billion while fixed services revenues jumped 15% to AED 936 million.
(Writing by Brinda Darasha; editing by Seban Scaria)
