The preliminary financial results of Etihad Etisalat Company (Mobily) revealed that its net profits increased during the second quarter of 2024 by 33% on an annual basis, and increased on a quarterly basis by 3.6%.
The company explained, according to a statement issued today, Tuesday, on the Saudi Stock Exchange, that the net profit after zakat and tax amounted to about 661 million riyals, compared to 497 million riyals for the comparative quarter of last year, while it recorded a net profit of about 638 million riyals in the first quarter of this year.
The company said that during the second quarter of fiscal year 2024, it continued to achieve growth in its revenues to reach 4.47 billion riyals, compared to 4.27 billion riyals in the same quarter of the previous year, an increase of 4.6%, mainly due to the growth in revenues of all the company’s sectors, supported by growth in the business sector.
She pointed out that financing expenses decreased for the second quarter of fiscal year 2024 by 26.2% to reach SAR 130 million compared to SAR 176 million in the same quarter of the previous year, due to the decrease in the debt portfolio, and the decrease in zakat and income tax expenses for the second quarter of fiscal year 2024 to reach SAR 29 million compared to SAR 33 million for the same quarter of the previous year.
In terms of its profits during the first half of this year, net profit amounted to about 1.299 billion riyals, compared to 962 million riyals in the comparable period last year, an increase of 35%.
