Mobily cuts losses to SAR203m in 9M18

23 Oct 2018

Saudi Arabian mobile operator Etihad Etisalat (Mobily) has published its financial results for the nine months ended 30 September 2018, reporting a 2% growth in revenues to SAR8.703 billion (USD2.3 billion) from SAR8.524 billion. EBITDA increased 17% year-on-year to SAR3.190 billion in 9M18, while interest and financial charges increased from SAR518 million to SAR585 million in the period under review. Operational profit amounted to SAR336 million in 9M18, up from the SAR26 million reported in the year-ago period, while net income narrowed to a loss of SAR203 million in the nine months ended 30 September 2018, compared to a net loss of SAR527 million in 9M17.

Mobily highlighted that its CAPEX nearly doubled to SAR2.113 billion during the first nine months of 2018, compared to SAR1.229 million in the corresponding period of 2017, due to the continuation of its network modernisation project, which got underway in Q4 2017, and the acquisition of new spectrum in Q1 2018.

Saudi Arabia, Mobily (Etihad Etisalat)