Mobily narrows net loss to SAR92m in 1Q17

23 Apr 2018

Saudi Arabian mobile operator Etihad Etisalat (Mobily) has published its financial results for the first quarter of 2018, reporting a 1.0% year-on-year decrease in revenues to SAR2.83 billion (USD754 million), down from SAR2.87 billion in 1Q17. 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. The operator highlighted that excluding the impact of interconnection rates, revenues would have grown by 1% y-o-y. Further, EBITDA increased to SAR1.04 billion in 1Q18, up by SAR104 million y-o-y, while interest and financial charges decreased from SAR194 million to SAR188 million in the period under review. Net income, meanwhile, narrowed to a loss of SAR92 million in the three months ended 31 March 2018, compared to a net loss of SAR156 million in 1Q17.

Saudi Arabia, Mobily (Etihad Etisalat)