Etihad Etisalat Company (Mobily)
Sector: Telecommunications and Digital Services • Country: Saudi Arabia
15 October, 2026
Founded in 2004, Mobily disrupted a market previously dominated by a single incumbent and has since expanded across mobile services, fixed broadband, enterprise connectivity, wholesale telecommunications and digital infrastructure. Its development increasingly reflects the wider transformation of Gulf telecom operators from connectivity providers into broader technology platforms.
Etihad Etisalat, operating under the Mobily brand, has developed from a challenger mobile operator into one of Saudi Arabia’s largest telecommunications and digital-infrastructure companies. The company entered 2026 following strong annual results. Net profit increased to approximately SAR3.47bn in 2025 from SAR3.11bn in 2024, while full-year revenue rose to about SAR19.64bn. Capital expenditure climbed sharply to roughly SAR5.8bn, more than double the previous year, as Mobily invested in network modernisation, spectrum, 5G, data centres and international connectivity.
The momentum continued in the first half of 2026. Revenue increased 5.3 per cent year on year to SAR10.12bn from SAR9.61bn, driven by growth across revenue streams and an expanding subscriber base. Net profit rose 11.5 per cent to SAR1.78bn from SAR1.60bn.
Profitability improved faster than revenue. Gross profit rose 9.5 per cent to SAR5.67bn, EBITDA increased 9.3 per cent to SAR3.93bn and operating profit advanced 12.9 per cent to SAR1.97bn. The EBITDA margin increased to 38.9 per cent from 37.5 per cent a year earlier. H1 capital expenditure fell to SAR1.29bn from SAR2.70bn after the unusually investment-heavy comparative period.
Mobily’s growth strategy is closely tied to Saudi Arabia’s digital transformation. Greater cloud adoption, government digitalisation, 5G demand, data-centre development and major urban projects are increasing requirements for high-capacity networks and enterprise technology.
Consumer mobile services remain central to the business, but opportunities increasingly lie in areas such as fibre, cloud connectivity, enterprise solutions and wholesale infrastructure.
Having moved beyond its original challenger status, Mobily’s next test is monetisation.
