Saudi telecom operator Mobily’s profits up 45% in H1 on higher revenue

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RIYADH: Saudi telecom operator Etihad Etisalat Co., known as Mobily, has seen its profits soar by 45 percent in the first half of 2022 on revenue growth.

Mobily’s profit peaked at SR679 million ($180 million), compared to SR470 in the prior-year period, according to a bourse filing.

The telecom firm attributed the increase in profit to a 5.2 percent rise in revenue which reached SR7.7 billion in the current quarter due to growth in wholesale, business and consumer.

Gross profit for the same period stood at SR4.6 billion, an increase of 8.3 percent over the previous year.