Saudi Mobily 2Q profits climb on usage, sales

AP News
Posted: Jul 19, 2011 8:30 AM
Saudi Mobily 2Q profits climb on usage, sales

Saudi Arabian mobile phone service provider Etihad Etisalat Co., or Mobily, says its second quarter profits are 29 percent higher than the same period in 2010, boosted by increased data usage and smartphone sales.

Mobily said Tuesday net income climbed to 1.164 billion riyals ($310 million) versus 901 million riyals in the same quarter of 2010. Its shares climbed 2.36 percent to 54.25 riyals on the Saudi stock exchange.

The telecom firm said net income in the first six months of the year climbed to 2.16 billion riyals versus 1.62 billion in the corresponding period of last year.

Mobily's chief executive said that smartphone penetration in the kingdom had reached about 11 percent.

The company said data transmission recorded a 46 percent increase during the first half of 2011.