RIYADH: Saudi telecom operator Etihad Etisalat Co., known as Mobily, posted a 40 percent increase in profits for the first nine months of this year driven by revenue growth.
Mobily’s profit peaked at SR1.2 billion ($319 million) between January and September compared to SR751 million in the prior-year period, according to a bourse filing.
In response to the higher profits, its shares gained 1.23 percent to reach SR36.90 at 10:43 a.m. Saudi time.
The telecom firm attributed the increase in profit to a 5.5 percent rise in revenue, reaching SR12 billion by the end of the current quarter due to growth across all segments.
Gross profit for the same period stood at SR6.9 billion, an increase of 7 percent over the previous year.