Mobily says confidence in the company will be restored despite lower profit

Etihad Etisalat (Mobily), the second-biggest mobile phone company in Saudi Arabia, said confidence will soon be restored in the company despite the 45 percent drop in its profit in the period ending Sept 30, 2014, according to AlWatan newspaper.

The company is run by a professional team which has transformed the mobile service provide to a profit-making firm, the company added, playing down the plunge in its profit.

The Saudi Capital Market Authority started last month investigating allegedly irregularities committed by Mobily, whose 3rd quarter results came out later and lower than expected.

Mobily is an affiliate of the United Arab Emirates’ Etisalat.