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FINANCIAL NEWS
Saudi Mobily reports USD379m profit in Q2
16 Jul 2012
(MENAFN) Etihad Etisalat (Mobily), Saudi Arabia’s second biggest telecoms operator, reported a 22 percent increase in quarterly profits, Reuters reported.
The company, which competes with Saudi Telecommunications Co (STC) and Zain KSA, said it made USD379 million net profit during the second quarter of 2012, up from USD309.9 million a year earlier.
The affiliate of UAE’s Etisalat also reported an 11 percent increase in quarterly revenue to USD1.5 billion, compared to a year earlier.
Mobily’s operating profit rose by 20 percent to USD390.9 million in the quarter compared to a year ago.
Goldman Sachs upgraded its rating on Mobily to “buy” from “neutral” in June, citing a four-fold increase in its mobile broadband subscriber base last year.
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