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Sat 20 Oct 2012 10:16 AM

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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)

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.

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