07:12 AM EDT, 07/20/2026 (MT Newswires) -- Riyad Capital on Sunday upgraded its rating on Etihad Etisalat (SASE:7020), d/b/a Mobily, to buy, while retaining its price target of 68 Saudi riyals on the back of the company's second-quarter financial statements and recent stock underperformance. The mobile telecommunications company posted a 9% year-over-year increase in net profit to 901 million riyals, in line with Riyad Capital's 892 million-riyal estimate. Revenue, meanwhile, logged a 5% annual increase to 5.1 billion riyals, matching the research firm's estimate. "Y/Y growth was supported by all revenue streams and a higher subscriber base, while Q/Q growth was led by the Consumer and Wholesale segments. Mobile subscriber base continued to expand to 14.9 mln (+16% Y/Y, -1% Q/Q), primarily driven by prepaid subscribers (12.8 mln; +19% Y/Y, -2% Q/Q) amid strongHajj season. Postpaid subscribers increased to 2.1 mln (+5% Y/Y, flat Q/Q), while FTTH subscribers reached 0.315 mln (+9% Y/Y, +1% Q/Q)," analysts said.

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