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Saudi Arabia’s telecommunications operator Etihad Etisalat (Mobily) posted Q2 2024 net profit of 661 million riyals ($177.6 million), a 33% jump compared to a year earlier on higher revenue.
The net profit topped analysts’ mean estimate of SAR 648 million, according to LSEG data.
Mobily, an affiliate of the UAE’s Etisalat, said in a Saudi Stock Exchange (Tadawul) filing on Tuesday that revenue grew 5% to SAR 4.5 billion due to the expansion of all revenue streams, particularly the business segment.
Financial charges decreased by 26% in Q2 2024, reaching SAR 130 million compared with SAR 176 million in Q2 2023, due to the reduction of debt portfolio.
Mobily’s CAPEX reached SAR 609 million for the six months ended June 2024, compared to SAR 574 million in H1 2023.
(Writing by Brinda Darasha; editing by Bindu Rai)
