Thursday, January 22, 2009

Mobily net profit up more than 50 per cent

THE second biggest mobile operator in Saudi Arabia Etihad Etisalat Co (Mobily) recorded a 51 per cent increase in its fourth quarter net profit.

Net profit jumped from 514 million riyals to 778 million riyals ($US207 million). Shareholders will also receive a dividend of 0.75 riyals a share.

This is in contrast with Saudi Telecom Co, the biggest phone company in the country, saw its fourth quarter net profit fell by 62 per cent, due to foreign exchange losses. Net income dropped to 1.17 billion riyals from 3.06 billion riyals a year earlier.

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