Saudi Mobily revenues rise for eighth consecutive quarter to reach $906mln

RIYADH — Mobily continued to grow its revenues for the eighth consecutive quarter to reach SR3.4 billion in Q3 2019, with a YoY growth of 14.4%. This is mainly attributed to the growth of subscribers’ base, the growth of revenues of business, and wholesale units and the growth of FTTH active base.

In addition, the company continued delivering positive net results for the fourth consecutive quarter, as Q3 2019 net result highlighted a YoY growth by 82 million to reach SR51 million compared to a loss of SR31 million in Q3 2018, and a QoQ improvement by 13 million compared to a profit of 38 million in Q2 2019. This is mainly due to improvement of topline and operational performance, and to the strong and healthy EBITDA.

Moreover, Mobily succeeded in increasing its EBITDA to reach SR1,277 million in Q3 2019, with YoY increase of 17.4%. The EBITDA increase is attributed to the growth of revenues, the improvement in operational performance, and the implementation of IFRS16.

CAPEX in 9M 2019 decreased to reach SR1,464 million due to capitalization of spectrum. Excluding the spectrum fees, CAPEX intensity reflects the company's continuous commitment to improve its infrastructure and continue to develop its services, and improve the quality of services and customer experience.

Moreover, Mobily substantially improved its 9M 2019 operational cash flow (Ebitda-Capex) by 114% to reach SR2,307 million; contributing to the company's ability to deleverage its debt levels and meet its obligations to its creditors and suppliers.