Etihad Etisalat (Mobily) has announced its consolidated financial results for the three months ended 31 March 2010, reporting a net profit of SAR714 million (USD190.15 million) compared to SAR480 million in the same quarter of the previous year, an increase of 49%. The EBITDA margin stood at 33% for the quarter, compared to 32% in 1Q 2009. Revenue reached SAR3.581 billion, up 27%, while operating profit climbed 43% to SAR763 million.
The increased revenue was attributed to growing demand for mobile broadband services and an increase in post-paid subscribers resulting from the company’s overall marketing strategy. Mobily’s chairman, Abdulaziz Al Saghyir, said: ‘We believe that mobile broadband is the future. Demand for wireless internet services grows day by day. Mobily continues to invest in this technology and take it to new levels to meet the needs of its customers. Mobily has successfully completed long term evolution (LTE) trials, also known as 4G, which provides even higher bandwidth speeds, thereby widening the variety of service offerings on the company’s current infrastructure integrated with other wireless technologies.’