Mobily reports a 9.7% annual decrease in revenues in 2017

14 Feb 2018

Saudi Arabian mobile operator Etihad Etisalat (Mobily) has published its financial results for the twelve months ended 31 December 2017, reporting a 9.7% year-on-year decrease in revenues to SAR11.35 billion (USD3 billion), down from SAR12.57 billion in 2016. The drop was mainly due to the regulator’s decision to unblock most VoIP applications, falling interconnection revenues as a result of new mobile termination rates (MTRs) introduced in 2016 and 2017, and a drop in sales driven by the country’s fingerprint registration process. Further, EBITDA decreased to SAR3.65 billion in 2017, down by SAR423 million y-o-y, while interest and financial charges increased from SAR566 million to SAR678 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 SAR708.9 million in the twelve months ended 31 December 2017, compared to a net loss of SAR213.6 million in 2016.

Saudi Arabia, Mobily (Etihad Etisalat)