du doubles dividend, rewarding shareholders after a year of rising profits.
Rising profits pay double for du
The telecoms operator du has doubled its dividend, rewarding shareholders after a year of rising profits.
Shareholders approved the 30 fils per share payment at the company's annual general meeting in Dubai yesterday.
"We are delighted to announce the payment of a second dividend and a 100 per cent increase to Dh0.30 per share for 2012 ... In just six years we have established strong fundamentals, significant market share and a coherent strategy for the future of our business," said Ahmad bin Bayat, the chairman of du.
The telecoms operator has benefited from an influx of Arab expats to the emirates arriving from Egypt, Syria and other countries.
"Despite a backdrop of challenges we again recorded a record year in terms of revenue and net profit ... I am pleased that by the end of 2012 we served 48.7 per cent of the UAE mobile market," said Mr bin Bayat.
Profits before royalty for last year stood at Dh2.82 billion (US$768 million), and after royalty the figure was Dh1.98bn - up almost 62 per cent since the previous year.
Shareholders registered in the company share-book as of last April will be entitled to receive the dividend, expected to be paid out at the end of this month.
The stock fell 1 per cent yesterday to close at Dh4.80, before the meeting.