#Saudi's Mobily 2021 net profit jumps 36.8% to $285mln | ZAWYA MENA Edition

Saudi's Mobily 2021 net profit jumps 36.8% to $285mln | ZAWYA MENA Edition

Saudi Arabia-based telecommunications operator Etihad Etisalat Co. (Mobily) saw its net profit jump by about 36.8 percent in 2021 compared to a year earlier, thanks to an increase in revenues and subscriber numbers.

The company reported a net profit of 1.072 billion riyals ($285.7 million) for 2021, up from 783 million riyals in the previous year.

Mobily’s revenues amounted to 14.834 billion riyals in 2021, up by 5.6 percent from the 14.046 billion recorded 12 months earlier.

“The increase in Mobily’s revenues was mainly driven by growth in the business and consumer segments, in addition to growth in the subscriber base,” the company said in a statement to the Saudi Stock Exchange (Tadawul) on which its shares trade.

Gross profit also increased by 6.4 percent to 8.672 billion riyals, mainly due to higher revenues.