Mobily restates 2014 net losses; CMA suspends trading of its shares

26 Feb 2015

Saudi Arabian telco Etihad Etisalat (Mobily) has revised its unaudited annual financial results for the twelve months ended December 2014, by restating its previously announced net loss of SAR220 million (USD58.6 million) for the period to SAR913 million, due to ‘an additional charge of SAR1.13 billion’, The Gulf Times reports. Further, the operator disclosed that it has breached several covenants on its long-term loans, and is currently in talks with lenders to amend the loan agreements; Mobily expects these negotiations would be successfully concluded in Q2 2015.

Following the announcement, the Capital Market Authority (CMA) suspended the trading of Mobily’s shares on the Saudi Stock Exchange (Tadawul), with the ban to remain in place until Mobily explains the reasons which led to its net losses.

Saudi Arabia, Mobily (Etihad Etisalat)