Saudi Mobily’s profits jump 48 percent in the second quarter

The net profit of the Saudi company Etihad Etisalat (Mobily) increased by 47.5 percent on an annual basis in the second quarter of this year, to record 360 million riyals (equivalent to 95.8 million dollars).

The company’s profits in the second quarter of last year amounted to 244 million riyals ($65.1 million).

Mobily said in a statement to the Saudi market, today, Thursday, that its revenues rose in the second quarter of 2022 to reach 3.899 billion riyals ($1.04 billion), compared to 3.728 billion riyals ($994 million) in the same quarter of the previous year, an increase of 4.6 percent.
The company attributed the increase in revenues to the growth of wholesale and business sector sales, in addition to the growth of the fiber-optic subscriber base and the increase in the customer base.

Gross profit increased by 8.7 percent to reach 2.333 billion riyals in the second quarter on an annual basis, and operating profits improved by 35.2 percent to reach 519 million riyals, during the same period.

The statement indicated that financing expenses in the three months ended June 30, 2022 increased by 17.6 percent, to reach 143 million riyals, compared to 121 million riyals for the same quarter of the previous year, as a result of the increase in the interest rate.

The company’s semi-annual net profit amounted to 679 million riyals, compared to 470 million riyals in the same period in 2021.