Saudi telecom operator Etihad Etisalat Company (Mobily) reported a 38% year-on-year rise in second-quarter profit driven by higher revenues.
Net profit for the three months to June climbed to $132.5 million, compared to $96 million in the same period last year, Mobily said in its financial results on Sunday.
Revenues for the second quarter grew 8.9% to $1.1 billion, as growth in all revenue streams backed by the business segment and a higher subscriber base boosted earnings.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 7.4% year-on-year in the second quarter to reach $422.7 million, compared to $393.5 million a year earlier.
Operational profit rose by 27.9% in the quarter, reaching $174.9 million, as higher EBITDA offset higher operating expenses.
Zakat and income tax for the second quarter amounted to $8.8 million, compared to $6.9 million in the same quarter last year.
In the first half of 2023, Mobily's net profit increased by 41.7% to $256.4 million, compared to $181.01 million in the first six months of 2022.
