Saudi telecom operator Mobily profits up 37% in 2021

RIYADH: Saudi telecom operator Etihad Etisalat Co., known as Mobily, saw its profits jump  37 percent in 2021.

Mobily recorded a net profit of SR1billion ($266 million), up from SR783 million a year earlier, it said in a bourse statement on Tadawul.

Revenues totaled SR14.8 billion this year, an increase of 5.6 percent from 2020, its highest in 3 years.

The strong results were primarily driven by growth in the Business and Consumer segments, as well as an increase in subscribers

In light of the strong performance, the Board of Directors increased the cash dividend by 70 percent to SR0.85 per share, up from SR.05 per share for 2020.