Etihad Etisalat Company “Mobily” (7020) reported a net profit of SAR 661 million for the second quarter of this year, marking a 33% YoY increase.
Details
The company’s considerable profits from April to June come on the back of several drivers, most notably an increase in revenues.
Revenues grew by 4.6% YoY to approximately SAR 4.5 billion.
So What
Mobily, the second-largest cell phone service provider in the Kingdom, witnessed growth in quarterly sales.
This growth is attributable to increased revenues across all the company’s sectors.
Additionally, its customer base grew, with the number of mobile phone subscribers reaching 12.2 million.
Meanwhile, the number of fiber optic users reached 298,000.
Some Context
The Saudi telecommunications giant’s net profits jumped to around SAR 1.3 billion during the first six months of this year (H1).
This compares to a net profit of SAR 962 million in the same period of 2023.
The company’s capital expenditures totaled SAR 386 million during 2Q 2024, bringing the total value for H1 to SAR 609 million.
The aforementioned expenditures were focused on network development, expansion of its 5G network, as well as investments in the Internet of Things and data center developments.
