Saudi Arabia's Mobily beats profit forecasts with 11% rise in Q1 profit

22 Apr 2013

Saudi Arabia’s second-biggest telecommunication operator by subscribers, Etisalat (Mobily), has exceeded analysts’ forecasts by recording an 11% rise in net profits in the first quarter of 2013, thanks to higher data revenues and increased numbers of corporate customers. Mobily, an affiliate of the United Arab Emirates’ Etisalat, made first-quarter net profit of SAR1.34 billion (USD357.8 million), up from SAR1.21 billion in the prior-year period. Revenue for the three months to 31 March 2013 was SAR5.63 billion, up from SAR5.01 billion previously. According to the press release, the increase in revenue is due to the growth in sales of smartphones and a rise in data revenues, which accounted for 30% of turnover for the period under review.

Saudi Arabia, Mobily (Etihad Etisalat)