The Saudi cellular operator Mobily has posted a 51% increase in net profit for the fourth quarter of 2008 to SAR778 million (USD207.5 million). The result beat forecasts from analysts polled by Reuters which ranged from SAR458 million to SAR605.6 million.
Meanwhile, the country’s dominant fixed line and mobile operator Saudi Telecom Company (STC) has reported a 62% drop in profit for the final three months of 2008, with the fall being blamed on foreign currency fluctuations. According to a report from Reuters, STC’s net profit dropped from SAR3.06 billion in 4Q 2007 to SAR1.17 billion a year later, with the currency fluctuation costs estimated to stand at SAR2 billion. Fourth quarter operating profit fell 20% to SAR2.38 billion due to growing competition both at home and at its overseas operations.