Etihad Etisalat Co. (Mobily) will weather the current transient storm and turn profit in the coming period, said Ahmad Abdulkarim Julfar, chief executive of the United Arab Emirates-based Etisalat group.
 
Being the major shareholder in the Saudi-based telecom operator with a 27.4 percent stake, Julfar said Etisalat reserves the right to name a new leader for Mobily.
 
We have the right to select the best leader regardless of nationality. We cannot deny Khalid Al-Kaf’s breakthroughs since Mobily was launched, Julfar told UAE daily newspaper, Emarat Alyoum.
 
Etislat recently sacked Mobily's former chief executive Al-Kaf, who had been suspended since November after the company revealed that it lost SAR 913 million in its audited financials after reporting that it made a SAR 220 million net profit in preliminary results. 
 
Kaf was suspended after the company restated 18 months of earnings due to what it said was an “accounting error.”
 
The Saudi authorities professionally addressed Mobily’s crisis in light of different viewpoints on the company’s accounting methods, Julfar added. 
 
Etisalat preferred to cooperate with the Saudi regulator and remain on the conservative side in order to protect its shareholders’ equities and ensure the company’s continuation as a going concern, he added. 

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