The latest earnings from Saudi Arabia's Mobily reinforced analysts' bullish take on the Middle East's telecommunications industry, which is still regarded as having huge growth potential.
The kingdom's second-largest mobile operator reported a first-quarter net profit of 998 million Saudi riyals in the three months to the end of last month, up 40 per cent from 714m riyals in the same period last year, it said.
The company's shares have gained almost 23 per cent since hitting a 15-month low last month and yesterday the stock closed up 0.5 per cent to 52.75 riyals on the Saudi Tadawul All-Share Index.
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