Mobily, an affiliate of the United Arab Emirates' Etisalat , made a net profit of 11 million riyals ($2.93 million) in the three months to Dec. 31. This compares with a loss of 2.11 billion riyals in the same period a year earlier, according to a bourse statement.
An analyst at Osool & Bakheet Investment Co forecast Mobily, which competes with Saudi Telecom Co and Zain Saudi , would make a quarterly profit of 125.1 million riyals.
The company said it signed an agreement with creditors on Dec. 29 to waive covenant breaches in relation to several debt facilities worth 12.1 billion riyals. It continues to discuss agreeing a similar waiver with other creditors, the firm added.
($1 = 3.7533 riyals)