Riyadh, Saudi Arabia — Etihad Etisalat Company (Mobily) has reported a net profit of SAR 1.48 billion ($394 billion) for first nine months of 2023, an increase of 41 percent from SAR 1.05 billion in the same period last year.
The company said its revenues for the period grew by 7.5 percent year-on-year (YoY) to SAR 12.4 billion, supported by all segments, mainly the business segment, with a healthy growth in the overall subscriber base, Argaam reported.
Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
Meanwhile, reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million, Argaam said.
Q3 2023 net profit surged 40 percent YoY to SAR 524 million, as revenue rose 7.1 percent YoY and gross profit was up 2.7 percent YoY.
On a sequential basis, Q3 earnings grew 5.4 percent. Total shareholders’ equity, no minority interest, stood at SAR 16.91 billion by the end of 9M 2023, compared to SAR 15.70 billion in the year-earlier period.