RIYADH: Saudi telecom operator Etihad Etisalat Co., known as Mobily, saw its profits soar by 41 percent in the first quarter of 2022.
Mobily recorded a net profit of SR319 million ($85 million), up from SR226 million for the same period a year earlier, it said in a bourse statement on Tadawul.
Revenues totaled SR3.8 billion, an increase of 5.8 percent from SR3.6 billion recorded in the same quarter a year earlier.
With solid subscriber growth, Mobily's revenue was primarily driven by growth in the business, consumer, and wholesale segments.
Due to revenue growth, gross profit increased by 8 percent to reach SR2.2 million.
Among the major drivers of the strong results were growth in the business and consumer segments, as well as an increase in subscriptions.
