Etihad Etisalat Co.’s (Mobily) Q1 2019 results came as a surprise, NCB Capital said on earnings note.

 

The Saudi telecom operator posted a net profit of SAR 67.3 million in Q1, versus NCB Capital’s estimates of incurring SAR 85 million losses.

 

“These strong results were driven by increased revenue on higher-than-expected income from business operations, in addition to the telco’s focus on the profit-generating business divisions,” NCB Capital said.

 

Mobily’s robust financials in Q1 are projected to boost the stock’s performance onwards, the brokerage added.

 

NCB Capital recommended an “Underweight” on the stock and set its target price at SAR 18.80.

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