Etihad Etisalat Company (Mobily) recorded a 37.2% increase in net profits in the first quarter of 2024, compared to the same quarter of 2023, as a result of revenue growth and a decrease in financing expenses, zakat expense and income tax.
The company's results revealed on the Tadawul website, today, Sunday, that net profit rose to 638 million riyals, in the first quarter of this year, compared to 465 million riyals for the same period in 2023.
The company attributed the increase in net profits to revenue growth and lower financing expenses, zakat expense and income tax.
The company noted that during the first quarter of 2024, it continued to achieve strong growth in its revenues, reaching 4.55 billion riyals, compared to 4.07 billion riyals in the same quarter of the previous year, an increase of 11.7%, mainly due to the growth in revenues of all the company’s sectors, in addition to the increase in the customer base.
On a quarterly basis, the company's profits decreased by 14.478%, compared to the previous quarter's profits of 746 million riyals.
