Second biggest telecom operator beats forecasts by reporting $403m Q3 profit
Saudi's No.2 telecom company, Etihad Etisalat (Mobily), said on Saturday its third-quarter net profit jumped 23 percent to SR1.51bn ($403m) over the same period of 2011, beating analyst forecasts.
The firm, an affiliate of the United Arab Emirates' Etisalat , attributed its performance to higher revenue from its data and business units.
Analysts polled by Reuters on average had forecast Mobily - which competes with the Gulf's No.1 operator Saudi Telecom Co and Zain Saudi, part-owned by Kuwait's Zain - would make a quarterly profit of SR1.44bn.
Mobily's third-quarter revenue was SR1.5bn, up from SR1.2bn a year earlier. Operating income for the quarter increased 23 percent to SR1.57bn.
It also said, in a separate statement, that it plans to issue a 1 riyal dividend per share for its third-quarter net profits.
In September, Mobily said it had signed agreements with several mobile virtual network operators about potentially hosting one of them on its network.