- RIYADH: Mobily, Saudi Arabia’s second-largest telecoms operator, posted an above-forecast 39 percent rise in fourth-quarter net profit on higher use of services and more broadband subscribers.
The company, also known as Etihad Etisalat, said net profit in the quarter reached SR1.46 billion ($389.1 million), up from SR1.05 billion a year earlier, according to a statement posted on the bourse website.
This was well above the average forecast of SR1.20 billion in a Reuters survey.
Mobily said in a separate statement it plans to pay a dividend of 2 riyals for 2010.
The firm made revenue of SR16.01 billion in the fourth quarter compared with SR13.05 billion in 2009, because of higher utilization rates, it said.
Broadband users exceeded 2.3 million, Mobily said without providing a comparative figure.
Net profit for the full-year surged 40 percent to SR 4.21 billion, Mobily said.
Mobily benefits from its affiliation with Emirates Telecommunications, its biggest shareholder with a 27.4 percent.
