Riyadh – Mubasher: Etihad Etisalat Company’s (Mobily) financial results of the third quarter of 2019 came in line with Al Jazira Capital estimates, according to Al Jazira’s recent statement.
Mobily’s net profit recorded SAR 51.1 million in Q3-19, meeting Al Jazira’s estimates.
“However 9M-19 results indicate towards missing out initial net income estimate of SAR 254.3 million. We revise our earnings estimates downward while maintaining our “Neutral” recommendation and TP of SAR 22.0/share” the research company said.
Revenues of the telecom provider stood at SAR 3.4bn as compared to our expectation of SAR 3.3 billion, showing a deviation of 1.9%.
“We believe the current revenue mix makes the company less susceptible to core retail downturn. In addition, the successful roll-out of FTTH network will bode well for future revenue growth,” Al Jazira Capital said.
