​The disappointment at the EBITDA level comes from the delayed recovery of one-off SIM verification costs, which we suspected to be mostly booked in Q2 16A. We expect a recovery in Q4, and are positive on Q3 EPS meeting our expectations despite operational weakness.
The mobile voice pricing in KSA is more resilient than we expected, and data prices might rise.The ICT segment is likely to be a source of positive surprise in FY 16-17e. The unified license award to competitors poses little risk on STC.