The Business of…2010’s best companies
Business has been bad in 2010, but not for all. Kipp looks at the year’s business success stories, from Dubai’s online retail scene to pretty much anything in Qatar.
December 28, 2010 12:34 by shafeer
Du’s record high profits came as a welcome surprise to shareholders this year.
Just last month, the telco reported a record profit of Dh163 million. According to The National, in the third quarter of 2010, the telco added 159,800 new subscribers, a significantly higher rate than Etisalat’s 10,000 new subscribers. Du Q3 profits are both significantly higher than last year’s level (Dh.78.5 million) and analysts’ expectations (Bloomberg predicted a profit of Dh.148 million).
Okay so it’s part of a duopoly, but Du has to work hard to overturn Etisalat’s well established advantage. And it seems like the telco is finally making some headway, even if customer service is still well below what Kipp can tolerate. Plus, it has had some pretty good offers for Blackberry subscribers this year; enough, we think, to get Du on Kipp’s list of success stories for 2010.