Saudi's Mobily Q4 net profit soars 11pc
Jeddah, January 19, 2013
Etihad Etisalat (Mobily), Saudi Arabia's No.2 telecom operator and an affiliate of the United Arab Emirates' Etisalat, beat forecasts with an 11-per cent rise in quarterly net profit on Saturday.
Mobily, an affiliate of the United Arab Emirates' Etisalat , posted fourth-quarter net profit of SR1.878 billion ($500.8 million), up from SR1.697 billion in the prior-year period, it said in a bourse statement.
Analysts polled by Reuters on average forecast Mobily, which competes with the Gulf's No.1 operator Saudi Telecom Company and Zain Saudi, would make a quarterly profit of SR1.78 billion.
Mobily's fourth-quarter revenue was SR6.77 billion, up 17 per cent from SR5.80 billion from the prior-year period.
Full-year profit for 2012 was SR6.02 billion, a rise of 18 per cent from SR5.08 billion in 2011.
In late November, the Saudi telecom regulator suspended Mobily from selling pre-paid SIM cards for two weeks. At the time, Mobily said the financial impact of the suspension would be "insignificant".-Reuters