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Saudi Mobily Q3 net profit up 7.6%

19 Oct 2011

(MENAFN) Saudi Mobily said that as the company’s sales of smartphone handsets fell and competition with other rivals grew, in the third quarter, net profit rose below expectations to 7.6 percent reaching USD325 million up from USD303 million in 2010, reported Arab News.

The company added that in the quarter, revenues reached USD1.22 billion, compared with USD1.06 billion in 2010; however, they were below the previous quarter’s USD1.35 billion.

It also said that data revenue went up 7 percent over the second quarter, while mobile broadband subscribers’ number surpassed 6.3 million.

It is worth noting that in the quarter, Mobily’s EBITDA (earnings before interest, tax, depreciation and amortization) margin surged to 39 percent from 34 percent in the second quarter.

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