Saudi telco Mobily posts 26% rise in net profit

Company attributes higher earnings to subscriber growth

  
Riyadh, Saudi Arabia: Kingdom Centre tower and Etihad Etisalat / Mobily building along Hanifa Valley Street - Saudi mibile phone and internet company. Image for illustrative purposes.

Riyadh, Saudi Arabia: Kingdom Centre tower and Etihad Etisalat / Mobily building along Hanifa Valley Street - Saudi mibile phone and internet company. Image for illustrative purposes.

Getty Images

Saudi Arabian telecommunications operator Etihad Etisalat (Mobily) posted a 26 percent increase in third-quarter net profit on the back of higher revenue. 

From June to September 2021, Mobily’s net profit reached 281 million riyals ($75 million), compared to 222 million riyals from the same period last year, according to a disclosure to the Saudi Stock Exchange (Tadawul). 

The company said its earnings grew due to higher subscriber base and uptake of FTTH (fibre-to-the-home) connections. 

Its total revenue for the same quarter hit 3.6 billion riyals, up by 7.48 percent from a year ago. 

“This is mainly attributed to the growth in business unit revenues, the growth of FTTH active base, in addition to the growth of subscribers base,” the statement said. 

Mobily is one of Saudi Arabia’s major telecom providers, capturing 30 percent of the market in 2006, two years after it was established. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Equities