Saudi Telco Mobily Q1 Net Profit Rises 4.5%, Misses Estimates
Mobily made a first-quarter net profit of 1.4 billion riyals ($373.3 million), up from 1.34 billion riyals in the prior-year period.
Etihad Etisalat (Mobily), Saudi Arabia’s No.2 telecom operator, missed forecasts with a 4.5 per cent rise in first-quarter net profit on Monday.
Mobily, an affiliate of the United Arab Emirates’ Etisalat , made a first-quarter net profit of 1.4 billion riyals ($373.3 million), up from 1.34 billion riyals in the prior-year period, it said in a bourse filing.
Analysts polled by Reuters on average forecast Mobily, which competes with the Gulf’s No.1 operator Saudi Telecom Co (STC) and Zain Saudi, would make a quarterly profit of 1.52 billion riyals.