Mobily reports a net profit of SAR156m in 9M19

22 Oct 2019

Saudi Arabian mobile network operator (MNO) Etihad Etisalat (Mobily) has published its financial results for the nine months ended 30 September 2019, reporting a 14.2% year-on-year increase in revenues to SAR9.936 billion (USD2.64 billion), up from SAR8.703 billion in 9M 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 SAR3.770 billion in 9M 2019, up by 18.2% y-o-y, while interest and financial charges increased from SAR585 million to SAR635 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 SAR156 million in the nine months ended 30 September 2019, compared to a net loss of SAR203 million in 9M18.

Saudi Arabia, Mobily (Etihad Etisalat)