Mobily achieves 33 percent surge in Q2 net profit fueled by sector growth

(MENAFN) Saudi Arabia's Mobily reported a net profit of 661 million riyals (USD176.22 million) for the second quarter of this year, marking a 33 percent increase from the 497 million riyals recorded during the same quarter of the previous year. In a statement to the Saudi Stock Exchange, the company disclosed that its net profits for the first six months of 2024 reached 1.299 billion riyals, compared to 962 million riyals a year ago, reflecting a 35 percent increase.

The company attributed its improved financial performance to a rise in revenues, which grew by 4.6 percent year-on-year in the second quarter to approximately 4.5 billion riyals. This revenue growth was driven by increases across all its business sectors, with significant contributions from the business sector.

Capital expenditures in the second quarter totaled 386 million riyals, bringing the total for the first half of the year to 609 million riyals. These investments focused on enhancing network development, expanding the fifth generation (5G) network, and advancing the Internet of Things (IoT) and data centers.

Mobily also reported an increase in its customer base, with the number of mobile phone subscribers rising to 12.2 million and fiber optic subscribers reaching 298,000. This growth in subscribers further underscores the company's robust performance and strategic expansion efforts. 

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