Text size:

  • Small
  • Normal
  • Large

First-quarter net profit at Saudi Arabia's Mobily up 11%

Etihad Etisalat, Saudi Arabia's second-biggest telecom operator, beat analysts' forecasts with an 11 per cent rise in first-quarter net profit on Saturday, citing higher data revenues.

Etihad Etisalat (Mobily), Saudi Arabia's second-biggest telecom operator, beat analysts' forecasts with an 11 per cent rise in first-quarter net profit on Saturday, citing higher data revenues.

Mobily, an affiliate of the United Arab Emirates' Etisalat, made a first-quarter net profit of 1.34 billion Saudi riyals, up from 1.21bn riyals in the prior-year period, it said in a bourse statement.

Analysts polled by Reuters on average forecast Mobily would make a quarterly profit of 1.37bn riyals.

Mobily's revenue for the three months to March 31 was 5.63bn riyals, up from 5.01bn riyals from the prior-year period.

"This stems from the growth in sales of smart phones and the increase in data revenues, which accounted for 30 per cent of turnover for the period," the company said in its statement.

Revenue from data and corporate customers will drive Mobily earnings growth, the company's chief executive told Reuters in January.

The focus on these two segments reflects market dynamics in the kingdom, where conventional call margins have slumped due to increased competition between operators and the rising use substitute services such as internet-based phone calls and instant messaging.

 

* Reuters

Back to the top

More articles


Editor's Picks

 Would you like it in blue? An Afghan shopkeeper shows a burqa to a customer at a bazaar in Herat. (Aref Karimi / AFP /  April 13, 2014)

In pictures: Best business images for the week to April 24, 2014

Here are some of the best business images for the week to April 24, 2014.

 That's asking a lot: this four-bedroom duplex penthouse apartment  at Marina Residence in Dubai is for sale with an asking price of Dh15.7 million. (Courtesy Better Homes / April 2014)

In pictures: Palm Jumeirah penthouse listed for Dh15.7 million

A four-bedroom duplex penthouse in Marina Residence 3 on Dubai's Palm Jumeirah is on the market for Dh15.7 million.

 Room with a view from one of the 21 duplex penthouses located in the Gate Towers sky-bridge. The sports courts and swimming pools can be seen below. Courtesy Alda

In pictures: Aldar’s Gate Towers Penthouse Collection on Reem Island

Aldar launched its Gate Towers Penthouse Collection at Cityscape Abu Dhabi. The launch features 21 penthouses spanning the skybridge, with each having a private indoor pool and incredible views.

 Marina Square apartments Reem Island: Q1 2% rise. Studio - Dh65-68,000. 1BR - Dh75-95,000. 2BR - Dh110-145,000. 3BR - Dh170-190,000. Q1 2013-Q1 2014 no change. Sammy Dallal / The National

In pictures: Where Abu Dhabi rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Abu Dhabi have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National