Riyadh – Mubasher: Beltone Research has set the target price (TP) of Mobile Telecommunication Company Saudi Arabia (Zain) and Etihad Etisalat Company (Mobily) at SAR 11.5 and SAR 22.5, respectively.

The research company gave a ‘Neutral’ recommendation for both Saudi Arabia-listed telecom companies, according to a statement.

The stocks of Mobily and Zain have surged, pushed up by great expectations and potential incentives, Beltone Research revealed.

Zain reported turning a profit during the second quarter of 2019, posting a SAR 130 million profit.

Mobily disclosed its interim financial results for the second quarter of 2019, which showed the achievement of SAR 37.77 million profit.