Mobily reports SAR383m net losses in 9M17

23 Oct 2017

Saudi Arabian mobile operator Etihad Etisalat (Mobily) has published its financial results for the nine months ended 30 September 2017, reporting a 12% decrease in revenues year-on-year to SAR8.5 billion (USD2.3 billion), down from SAR9.7 billion in 9M16. The drop was mainly due to increased competition in the local market, falling interconnection revenues, as a result of the new mobile termination rates (MTRs) introduced in April 2016, and a drop in sales driven by the country’s fingerprint registration process. Further, EBITDA decreased to SAR2.7 billion in 9M17, down 12% y-o-y, while interest and financial charges increased from SAR402 million to SAR516 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 (loss), meanwhile, widened to a loss of SAR527.2 million in the nine months ended 30 September 2017, compared to a net loss of SAR143.4 million in the corresponding period of 2016.

Saudi Arabia, Mobily (Etihad Etisalat)