Mobily reports SAR353m net loss in 1H17

24 Jul 2017

Saudi Arabian mobile operator Etihad Etisalat (Mobily) has published its financial results for the six months ended 30 June 2017, reporting a 15% decrease in revenues year-on-year to SAR5.719 billion (USD1.52 billion), down from SAR6.729 billion in H1 2016. The drop was mainly due to decreases in interconnection revenues, as a direct result of the new mobile termination rates (MTRs) introduced in April 2016, coupled with a drop in sales driven by the country’s fingerprint registration process. Further, EBITDA decreased to SAR1.832 billion in 1H17, down 19.0% y-o-y, while interest and financial charges increased from SAR268 million to SAR357 million in the period under review, mainly as a result of a one-off levy of SAR42 million in connection to the implementation of the company’s SAR7.9 billion refinancing in February 2017, and the increase in the cost of funding. Net income also dipped, with the operator reporting a loss of SAR352.8 million in the six months ended 30 June 2017, down from a net profit of SAR22.9 million in the corresponding period of 2016.

Saudi Arabia, Mobily (Etihad Etisalat)