Saudi’s Mobily post 40% rise in Q1 net profit

Saudi Arabia’s Etihad Etisalat (Mobily), the country’s second largest mobile phone operator, reported a 40 percent rise in its first-quarter net profit, coming in just below the average analyst forecast.

The wireless carrier made a net profit of SR998 million ($266 million) in the three months to March 31, up from SR714 million a year earlier, it said in a statement.

Eight analysts surveyed by Reuters had expected Mobily to report, on average, around SR1 billion for the first-quarter.

Revenues rose by 25 percent to SR4.48 billion in the quarter, while earnings per share was 1.43 riyals after 1.02 riyals in the same quarter a year ago.

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