Mobily reports net profit of SAR105m in 1H19

25 Jul 2019

Saudi Arabian mobile network operator (MNO) Etihad Etisalat (Mobily) has published its financial results for the six months ended 30 June 2019, reporting a 14.0% year-on-year increase in revenues to SAR6.532 billion (USD1.74 billion), up from SAR5.727 billion in H1 2018. 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 SAR2.494 billion in H1 2019, up by 18.6% y-o-y, while interest and financial charges increased from SAR380 million to SAR429 million in the period under review, mainly as a result of the implementation of the IFRS16 reporting standard, and an increase in the cost of funding. Net profit, meanwhile, improved to SAR105.02 million in the six months ended 30 June 2019, compared to a net loss of SAR172 million in 1H18.

Saudi Arabia, Mobily (Etihad Etisalat)