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Etihad Etisalat Co.’s (Mobily) net profit of SAR 246 million for the fourth quarter of 2020 came above Riyad Capital and consensus estimates of SAR 215 million and SAR 182 million, respectively.
The brokerage firm said in an earnings review that the telecom provider recorded profits on the back of lower financial charges year-on-year (YoY) by 40% to reach SAR 561 million due to refinancing loans and decrease in interest rates.
Riyad Capital maintained its recommendation as "Neutral" for Mobily, with a target price (TP) of SAR 28 per share.
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