Route Mobile incorporated a subsidiary namely - Route Mobile Arabia Telecom, a limited liability company (LLC), in Saudi Arabia with effect from (w.e.f) Sunday, 12 September 2021.
As per the company's exchange filing as on 13 September 2021, the objective of Route Mobile Arabia Telecom LLC, the Saudi Arabia-based arm of Route Mobile, shall be to carry on business of providing SMS services. This new entity formation would further strengthen company's organic growth strategy in the MENA (Middle East and North Africa) region.
The share capital of Route Mobile Arabia Telecom, a limited liability company (LLC) is split into 1,000 shares of 50 Saudi Riyals each, amounting to 50,000 Saudi Riyals. Route Mobile has subscribed 700 shares (70% stake) valued at 35,000 Saudi Riyals. Meanwhile, the other 30% stake is held by First Support Trading Company.
Route Mobile's consolidated net profit jumped 27.4% to Rs 34.32 crore on a 21.9% increase in net sales to Rs 377.52 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Shares of Route Mobile gained 0.52% to Rs 2,033.05 on BSE. Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO).
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