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Saudi Mobily’s profits rise by 25% in third quarter

Saudi Mobily's profits

Saudi Mobily’s profits increased by 25.27% in the third quarter of this year, compared to the same quarter last year.

The net profit rose to 281 million riyals in the third quarter, compared to a net profit of 222 million riyals for the same quarter of the previous year.

Saudi Mobily attributed the reasons for the increase in profits to the improvement in revenues thanks to the growth of business sector sales, the growth of the fiber-optic base in addition to the increase in the customer base.

Saudi Mobily’s profits

Revenues for the third quarter of this year amounted to 3.606 billion riyals, compared to 3.355 billion riyals in the same quarter of the previous year, an increase of 7.48%.

The total profit amounted to 2.186 billion riyals in the third quarter of 2021, compared to 2.056 billion riyals in the same quarter of 2020, an increase of 6.33%, mainly due to the increase in revenues.

The data indicated an improvement in operating profits during the third quarter of 2021 by 18.84%, to reach 423 million riyals, compared to operating profits of 356 million riyals in the same quarter of the previous year, due to the improvement in profit before deducting depreciation, amortization, Islamic Murabaha costs and zakat.

In terms of the first nine-month of 2021, net profits rose to 751 million riyals, compared to 537 million riyals in the same nine months of 2020, an increase of 39.8%.

Mobily’s revenues increased by 4% to 10.93 billion riyals in the nine months ending in September 2021, from 10.51 billion riyals in the corresponding period last year.

Business growth

Chief Financial Officer of Mobily, Khaled Abanmi, had said the company witnessed growth in most of its business sectors, especially in the individual and business sectors, despite the repercussions of the Coronavirus pandemic.

Last May, the Ordinary General Assembly of Mobily approved the Board of Directors’ recommendation to distribute cash dividends to shareholders for the fiscal year ending on December 31, 2020, at 5% of the nominal value of the share, at 50 halalas per share, with a total of 385 million riyals.

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