The stock of Mobily has steeply declined over six straight sessions, reaching SAR 58.5 last Thursday, its lowest since November 27, 2012 when it reached SAR 57.25.
Accordingly, the stock lost – for the first time since Q3 2011 - four positions in terms of its weight on the benchmark index TASI.
Mobily moved down from the third to the seventh position. Accordingly, its weight on the index reached 4.06% in Q4 11 and 5.37% at the end of Q3 2013, then declined to 2.99% currently.
Despite the decline in weight, the stock used to maintain its third position. Investors are awaiting the company to announce the free float ratio at the end of the fourth quarter of 2014, and weather the stock will resume its position or it will get worse.
The operator posted SAR 472 million net earnings for Q3 2014, dropping 71.08% year-on-year from SAR 1,632 million but rising 14.56% quarter-on-quarter from SAR 412 million. At the nine-month level, the net earnings plunged 41.19% to SAR 2,496 million, compared with SAR 4,244 million in the same period of last year.
The earnings per share fell from SAR 5.51 to SAR 3.24.
(Written by Mohammed Abu Meleeh; Translated by Abdul Maguid Aboshahla)