The Clap
Mobily (7020), a cellular service provider in Saudi Arabia, saw its profits increase by 32.7% in Q3 2022.
The Deets
The company recorded a net profit of SAR 373 million, a YoY increase compared to profits of SAR 281 million riyals in Q3 2021.
High Profits
Revenues increased to record SAR 3.83 billion for Q3 2022.
The company justified the increase in revenues due to an increase in optical fiber subscribers and customers, as well as other increases in the company’s revenue streams.
Why this Matters
The recorded profits are the highest quarterly profits achieved by the company in the last 8 years.
