#Saudi telco Mobily reports 32% jump in second-quarter profit as revenue grows

Saudi telco Mobily reports 32% jump in second-quarter profit as revenue grows

Saudi telecoms company Etihad Etisalat, better known as Mobily, has reported a 32 per cent increase in second-quarter profit on the back of higher revenue as the Arab world’s largest economy recovers from the coronavirus-induced slowdown.

Net profit after zakat and tax for the period ending June 30 rose to 244 million Saudi riyals ($65m), the company said in a statement on Monday to the kingdom's Tadawul stock exchange, where its shares are traded. Revenue during the period climbed 5 per cent year-on-year to 3.7 billion riyals ($987.9m).

“Mobily continued to grow its revenues for the second quarter of 2021 … mainly attributed to the growth in business unit revenues, the improvement in consumer revenues and the growth of FTTH [fibre-to-the-home] active base,” the company said.

The UAE's biggest telecom operator Etisalat owns a 28 per cent stake in Mobily, which was founded in 2004.