RIYADH: Shares of Saudi telecom operator Etihad Etisalat Co., known as Mobily, retreated to SR37.80 at the closing bell, after it climbed 3.46 percent at the opening of Thursday following a 45 percent rise in first-half profits.
As of 10:05 a.m. Saudi time, the share price of the company reached SR39.20 ($10.44), up from SR37.60 the previous day.
Mobily’s profit peaked at SR679 million in the first half, compared to SR470 in the prior-year period, according to a bourse filing.
The telecom firm attributed the increase in profit to a 5.2 percent rise in revenue which reached SR7.7 billion in the current quarter due to growth in wholesale, business and consumer.
Gross profit for the same period stood at SR4.6 billion, an increase of 8.3 percent over the previous year.
