Mobily's net profit jumps 40%

RIYADH: Etihad Etisalat (Mobily) announced the interim consolidated financial results for the period ended June 30, 2010, in which the net profit for the first half of the year amounted to SR1.62 billion as compared to SR1.16 billion for the same period of last year, presenting a 40 percent growth.

The net profit for Q2, 2010 amounted to SR901 million against SR675 million for the same quarter of last year, presenting a growth of 33 percent and compared to a net profit of SR714 million for Q1, 2010, according to a press release received here on Tuesday.

The revenues for Q2, 2010 amounted to SR3.97 billion presenting a growth of 24 percent over the same period of last year. The operating profit for Q2 amounted to SR940 million against SR728 million for the same quarter of last year, presenting an increase of 29 percent. Earnings per share (EPS) for the first six months of the year amounted to SR2.31 compared to SR1.65 for the same period of last year.

Mobily's Chairman, Eng. Abdulaziz Alsaghyir said: "The growth of our Q2 revenues is due to the increase in broadband revenues and attracting more postpaid customers, in addition to the increase in the international interconnection margin, all of which have led to an increase in EBITDA to reach SR1.39 billion for Q2, 2010 as compared to SR1.18 billion for the first quarter of this year. Our EBITDA for Q2, 2009 was SR1.13 billion. Besides an increase in usage levels and the success of Mobily's customer loyalty program, Neqaty."
Alsaghyir added: "Mobily has adopted its strategy for the next five years, known as 'GED', standing for Growth, Efficiency and Differentiation, to provide integrated telecom services built around fixed and mobile broadband technologies. The appeal of the telecom sector in Saudi Arabia and the Kingdom's strategic and economic strength will help Mobily to achieve its goals."