Fahad Al Hassawi, CEO of du, recently articulated the company’s commitment to the local market while remaining open to potential regional investment opportunities. In an interview with Al Bayan, he emphasized that du is dedicated to enriching the UAE’s ecosystem. Although the company primarily concentrates on local operations, it is prepared to explore possibilities that align with its core values and can enhance shareholder value.
Strong Profit Growth Amid 5G Demand
Al Hassawi highlighted an impressive profitability increase of nearly 55% during the first half of this year, largely attributed to the surge in demand for advanced services, particularly 5G solutions. Currently, 40% of du’s network users are connected to 5G, contributing to a significant boost in the company’s revenue, which reached 7.1 billion dirhams. This robust growth supports optimistic projections for the remainder of the year, reflecting du’s strategic expansion of its 5G network and innovative service offerings.
Projected Revenue and Market Share Growth
When asked about the company’s revenue expectations and market share by the end of 2024, Al Hassawi confirmed the positive trend. The continued expansion of the 5G network, along with an increasing subscriber base, is expected to enhance du’s market share among local service subscribers. This growth trajectory aligns with the company’s commitment to delivering cutting-edge technology to its customers.
Strategic Vision for Acquisitions and Expansion
While du remains focused on the local market, Al Hassawi noted that the company is not dismissing the potential for acquisitions or foreign market expansion. He clarified that any such moves would be contingent upon their alignment with du’s core values and their ability to deliver substantial value. The company aims to ensure that any new ventures complement its existing services and catalyze growth for both du and the broader region.
Home Wireless Services Subscriber Growth
Al Hassawi also shared encouraging news regarding du’s home wireless services, which saw a year-on-year growth of 12.7%, bringing the subscriber base to 630,000. The addition of 15,000 new subscribers during the quarter reflects the effectiveness of du’s Home Wireless plans and its strong performance in corporate communications. Additionally, strategic partnerships with global content providers have significantly boosted du’s home digital entertainment services, further enhancing its appeal to consumers.
In summary, du is on a promising growth path, driven by its strong performance in the local market and the burgeoning demand for 5G services. With a clear focus on enriching the local ecosystem and an openness to strategic opportunities, the company is well-positioned for continued success in the telecommunications landscape.
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