Riyad Cap says Mobily’s Q2 2021 results below estimates, maintains ‘Neutral’ rating

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Etihad Etisalat Co.’s (Mobily) net income in Q2 2021 of SAR 244 million came below Riyad Capital and market estimates of SAR 258 million and SAR 253 million, respectively.

The brokerage firm said in an earnings review that the company's profit rise was supported by a 12.5% decrease year-on-year (YoY) to SAR 121 million in financing expenses.

Riyad Capital maintained its “Neutral” recommendation for Mobily, without changing the target price (TP) at SAR 28 per share.