Saudi's Mobily posts 23% rise in Q3 net profit

Second biggest telecom operator beats forecasts by reporting $403m Q3 profit
Saudi's Mobily posts 23% rise in Q3 net profit
(Photo for illustrative purposes only)
By Reuters
Sat 20 Oct 2012 10:16 AM

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.

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.