Abdulaziz Saleh Alsaghyir RIYADH – Saudi's No.2 telecom company Etihad Etisalat (Mobily) said Saturday its third-quarter net profit jumped 23 percent to SR1.51 billion ($403 million) over the same period of 2011. The firm, an affiliate of the United Arab Emirates' Etisalat, attributed its performance to higher revenue from its data and business units and higher sales of smartphones. Gross profit amounted during the third quarter to SR2,986 million, compared to SR2,472 million for the corresponding quarter of the previous year, an increase of 21 percent. Operating profit amounted during the third quarter to SR1,569 million, compared to SR1,274 million for the corresponding quarter of the previous year, an increase of 23 percent. It also said, in a separate statement, that it plans to issue a SR1 riyal dividend per share for its third-quarter net profits. Chairman of the Board of Directors Engineer Abdulaziz Saleh Alsaghyir said the increase in revenue is attributable to the increased revenues of data and business sectors and the increased sales of smartphones. Data revenues accounted for 26 percent of the Company's total revenue for the nine months. The business revenues increased during the nine months by 64 percent compared to the corresponding period of the previous year. Also, post-paid revenues increased by 15 percent for the nine months period, compared to the same period of the previous year. The EBITDA amounted to SR6,050 million during the nine months compared to SR5,150 million for the same period of the previous year, an increase of 17 percent (2,200 million for the third quarter compared to 1,813 million riyals for the corresponding quarter of the previous year, and compared to 2,039 million riyals for the previous quarter). Alsaghyir added that the prosperous economy of the Kingdom and growing government spending on projects, have led to increased business activities, something which improved the business sector revenues. Consequently, Mobily will be focusing on the business, information and communications technology (ICT), and data (fixed and mobile) sectors; besides, focusing on clinching partnership agreements with international companies. – SG
