DUBAI: Etisalat, the UAE’s biggest telecoms operator, on Wednesday said its second-quarter profit rose 6 percent to Dh2.2 billion (SR2.25 billion) from a year earlier.
The company did not elaborate if the figure was attributable to shareholders and did not provide a year earlier figure with the statement.
Thomson Reuters data showed its net profit attributable to shareholders was Dh2.31 billion in the same quarter a year earlier. SICO Bahrain and EFG Hermes forecast a quarterly profit of Dh2.19 billion and Dh2.18 billion, respectively.
Etisalat’s UAE subscriber base reached 12.4 million, up 2 percent from a year earlier.
“Etisalat group’s geographic footprint expands across the Middle East, Africa and Asia witnessing various opportunities and challenges in each market that are governed by specific economic conditions,” said Etisalat Group’s chief executive Saleh Al-Abdooli said in a statement.
“Some of these markets witnessed macroeconomic challenges that imposed limitations on investments and future growth.”
Etisalat terminated a management agreement with its Nigerian arm earlier this month and has given the business time to phase out the Etisalat brand. The UAE-based telecoms operator had a 45 percent stake in the Nigerian business.
UAE’s Etisalat says second-quarter profit up 6% to Dh2.2 billion
UAE’s Etisalat says second-quarter profit up 6% to Dh2.2 billion
Closing Bell: TASI sheds points to close at 10,416
RIYADH: Saudi equities closed sharply lower on Sunday, with the Tadawul All Share Index falling 109.44 points, or 1.04 percent, to 10,416.65.
Losses were mirrored across other benchmarks, with the MT30 Index declining 11.31 points, or 0.81 percent, to 1,378.35, while the Nomu Parallel Market Index dropped 186.91 points, or 0.80 percent, to 23,244.02.
Trading activity saw 136 million shares change hands, with a total value of SR2.40 billion ($640 million).
On the stock level, gains were led by Flynas Co., which closed at SR64.10, up SR3.10, or 5.08 percent.
Arabian Mining Co. ended the session at SR88, rising SR4, or 4.76 percent, while Saudi Industrial Export Co. settled at SR2.20, gaining SR0.10, or 4.76 percent.
Raoom Trading Co. also advanced, closing at SR62.75, up SR1.70, or 2.78 percent, and Saudi Cable Co. finished higher at SR148, adding SR3.40, or 2.35 percent, bucking the broader market weakness.
On the losing side, Mutakamelah Cooperative Insurance Co. posted the steepest decline, closing at SR10.54, down SR0.96, or 8.35 percent.
Wafrah Co. for Industry and Development followed, ending at SR19.50, falling SR1.50, or 7.14 percent.
Shares of Consolidated Grunenfelder Saady Holding Co. retreated sharply, closing at SR8.92, down SR0.68, or 7.08 percent, while Leejam Sports Co. slid to SR94, shedding SR6.80, or 6.75 percent.
Saudi Research and Media Group Co. also ended the session notably lower, closing at SR127, down SR9, or 6.62 percent.
On the announcements front, Naqi Water Co. said it has signed an addendum to its previously disclosed contract to purchase a bottled drinking water production line for its new factory in Riyadh, expanding the project scope to include two independent production lines instead of one.
The amendment increases total production capacity to 120,000 bottles per hour, up 20 percent from the previously targeted capacity, enhancing operational flexibility, reliability, and production stability.
The total contract value has been repriced to €9.58 million ($11.28 million), compared with the originally announced €8.54 million, reflecting the expanded scope and the adoption of innovative packaging solutions aimed at reducing plastic usage and lowering production costs.
The company said the financial impact is expected to commence in the fourth quarter of 2026.
Naqi Water Co.’s shares closed at SR57.40, declining SR1.60, or 2.71 percent, following the disclosure.
