Profits at Etihad Etisalat (Mobily) rose 4.5 per cent to SR1.34bn ($360m) in the first quarter of 2014 compared with the same period last year.

Revenues grew 12 per cent to SR6.24bn year-on-year, while operational profit was up 13.8 per cent to SR1.5bn.

Mobily’s board of directors will meet on 30 April to discuss the distribution of dividends for the first quarter of 2014.

The operator has increased its capital expenditure in recent months to expand its fibre-optic network, which provides high-speed internet to residents across the kingdom. It will complete a new operational model for consumers by mid-2014 and is looking to target small to medium-sized enterprises (SMEs), for which its new megaprojects unit will be responsible.

The firm is also one of 17 global operators that signed an agreement to build and maintain a high-speed transfer submarine cable linking the Far East with Europe, passing through the Middle East and Africa. The cable is expected to be completed in 2016.