Saudi surprises the market with its quarterly profit growth 20%

The Mobily Etisalat Company, a net profit of 767 million Riyals, achieved the average expectations of analysts of 746.8 million Riyale during the first quarter of 2025, according to data collected by Bloomberg. The profits achieved a 20% growth compared to the same period in the previous year, powered by growth in the individuals, vectors and operators sectors, along with the expansion of the customer base. The decline in Zakat and tax costs also contributed to 21 million Riyale, compared to 35 million Riyals in the same period last year, to strengthen the company’s profitability. According to a statement published on the Saudi Stock Exchange website “Tadawul”, the capital expenditure of the company amounted to $ 2.13 billion during the first quarter, compared to 223 million Riyale in the same period of the previous year, due to investment in the hesitation spectrum. ‘Mobily’ is the second largest telecommunications operator in the Saudi market in terms of market share, and the ‘& e’ group previously known as ‘Emirates Telecom’ has a stake of about 28% of the company’s shares.