Monday, Apr 22, 2013
(This article was first published on Sunday.)
RIYADH (Zawya Dow Jones)--Saudi Arabia's Etihad Etisalat Co. (7020.SA), said its first quarter net profit rose 11% on year due in part to increased revenue from data services.
The company, better known as Mobily, said in a statement posted on the Saudi stock exchange website, net profit in the first quarter amounted to 1.34 billion riyal ($357 million), up from SAR1.21 billion for the year earlier period.
The results, posted on the website of the Saudi stock exchange, were in line with most analysts' predictions. NCB Capital had forecast SAR1.3 billion in profit for the three months ending March 31, while EFG Hermes had forecast a SAR1.4 billion effort.
Operating profit rose 9% on year to SAR1.36 billion, the company said.
The revenue increase "stems from the growth in sales of smart phones and the increase in data revenues, which accounted for 30% of turnover for the period," Mobily said.
The telco plans to spend SAR22 billion on infrastructure over the next five years and is in the process of expanding its fiber optic network across the Kingdom so that it reaches 500,000 residential units by the end of this year.
Etihad Etisalat shares closed Saturday at SAR81.75, up 0.6%.
Write to Ellen Knickmeyer at ellen.knickmeyer@dowjones.com and Rory Jones at rory.jones@dowjones.com.
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(END) Dow Jones Newswires
22-04-13 0348GMT
