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Mobily’s Q2 net profit slips 18.6%

Etihad Etisalat, or Mobily, Saudi Arabia’s No.2 telecom operator, matched forecasts with a 18.6 per cent fall in second-quarter net profit on Monday after it scrapped a network-sharing deal with Atheeb Telecom.

Mobily, an affiliate of the UAE’s etisalat, made a first-quarter net profit of SR1.31 billion ($349.3 million), down from SR1.61 billion in the prior-year period. Analysts polled by Reuters on average forecast Mobily would make a quarterly profit of SR1.33 billion.

Banking

KFH gain up 6.4%, but misses views

Kuwait Finance House, or KFH, the country’s biggest Islamic lender, reported a 6.4 per cent rise in second-quarter net profit on Monday, slightly below analysts’ views.

Net profit rose to KD28.51 million ($101 million) in the three months to June 30 from KD26.8 million in the same period a year ago, according to Reuters calculations. That compared with the analysts’ average forecast of KD29.2 million in a Reuters poll. KFH didn’t give a quarterly breakdown so Reuters calculated the figure based on financial statements.

The firm’s first-half net profit was KD54.57 million, up 10 per cent year-on-year, it said in a statement.

Utilities

Profit at Saudi Electricity leaps 144%

Saudi Electricity Co, or SEC, the Gulf’s largest utility firm, reported a 144 per cent jump in its net profit for the second quarter on Monday, beating analysts’ forecasts because of a one-time gain.

It made SR3.66 billion ($976 million) during the three months to June 30, compared to SR1.50 billion during the same period of the previous year, it said in a bourse statement. Two analysts polled by Reuters had forecast, on average, that SEC would post a quarterly profit of SR1.19 billion.

The net profit jump was the result of a SR2.63 billion gain as the company wrote back provisions for doubtful receivables from subscribers, it said without elaborating.

Maritime

9.7% net profit fall hits Qatar Navigation

Qatar Navigation (Milaha) posted a 9.7 per cent fall in its first-half net profit on Monday.

The shipper’s net profit for the first half of 2014 to June 30 was QR518.29 million ($142.38 million) compared with QR573.75 a million in the same period of the previous year, the firm said its financial statement.

The firm posted second quarter net of QR169 million, according to Reuters calculations, versus expectations of an analyst at QNB Financial Services, who had forecast a profit for the period of QR217.76 million.