Etihad Etisalat Co. (EEC) was headed for its biggest weekly gain in almost a year after the second- largest telecommunications operator in Saudi Arabia posted quarterly results that beat estimates.
Shares of the company also known as Mobily advanced 2.7 percent to 75 riyals, the highest level since April 2006, at the close in Riyadh. The shares have surged 5.6 percent since results were announced before the market open on Jan. 19, and are poised for the biggest weekly gain since February. The stock was the biggest gainer on the benchmark Tadawul All Share Index today, which increased 0.3 percent.
Mobily’s fourth-quarter profit rose to 1.9 billion riyals ($507 million) from 1.7 billion riyals after revenue rose 17 percent, helped by subscriber roaming charges and data services. That beat the 1.75 billion-riyal average estimate from 13 analysts, according to data compiled by Bloomberg.
Mobily Set for Biggest Weekly Gain in Year: Riyadh Mover - Bloomberg
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