FINANCIAL NEWS

Saudi Mobily posts 41% jump in quarterly profits

18 Oct 2010

(MENAFN) Saudi Arabia’s Etihad Etisalat Co. (Mobily), the kingdom’s second-largest telecoms operator, said that its third quarter net profit soared 41 percent to $300.6 million, up from $214 million the year earlier, Reuters reported.

Mobily, in a statement posted to the Saudi stock market (Tadawul), said that its revenue in the three month period rose 16 percent to $612 million from a year ago.

Net profit for the first nine months of the year surged 40 percent to $731 million from $521 million a year ago, the company said.

Mobily Chief Executive Khalid Al Kaf said in an interview in July that the company’s domestic market share was more than 40 percent and was likely to increase in the near future.

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