The Clap
Etihad Etisalat Company “Mobily” (7020) achieved its highest quarterly revenues in the past decade.
This was attributed to the growth of all its sectors and the reaching of its net profits to record levels, according to the company’s statement.
First Quarter
Mobily recorded a net profit of 638 million riyals during the first three months of the current year, an increase of about 37% year-on-year.
The company attributed this to several factors, including an increase in its revenues.
This led to a 7.7% increase in total profit, reaching approximately 2.4 billion riyals in the first quarter.
So What
One of the largest telecommunications service providers in the Kingdom continued to record “strong growth” in its revenues.
It reached approximately 4.5 billion riyals during the first quarter, an increase of 11.7% year-on-year.
Some Context
In March last year, the board of directors decided to buy 2.5 million shares of the company.
This is for the purpose of allocating them to the long-term incentive plan, as part of the long-term incentive stock program.
Mobily explained that the financing for the purchase would be from its resources, stating that the purchased shares would not have voting rights in shareholders’ meetings.
