Mobily narrows net losses to SAR123m in 2018

20 Feb 2019

Saudi Arabian mobile network operator (MNO) Etihad Etisalat (Mobily) has published its financial results for the twelve months ended 31 December 2018, reporting a 4.5% year-on-year increase in revenues to SAR11.865 billion (USD3.2 billion), up from SAR11.35 billion in 2017. The positive result was due to the continued growth of its subscriber base and improvement of customer mix, coupled with increased growth in data, business and fibre-to-the-home (FTTH) revenues. Further, EBITDA increased to SAR4.531 billion in 2018, up by 24.3% y-o-y, while interest and financial charges increased from SAR678 million to SAR799 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, was reduced to a loss of SAR123 million in the twelve months ended 31 December 2018, compared to a net loss of SAR709 million in 2017.

Saudi Arabia, Mobily (Etihad Etisalat)