Saudi Mobily revenues grow for seventh quarter in a row

RIYADH – Mobily continued to grow its revenues for the seventh consecutive quarter to reach SR3.3 billion in Q2 2019, with a YoY growth of 15.1%. This is mainly attributed to the growth of revenues of business and wholesale units, the growth of FTTH active base, and the continued growth and better mix of subscribers’ base, its CEO Salman Albadran said

In addition, the company continued delivering positive net results for the third consecutive quarter, as Q2 2019 net result reached SR37.77 million compared to a loss of SR78.62 million in Q2 2018 while QoQ comparison shows a decrease by 48.8%. This is mainly due to the increase in selling and marketing expenses caused by the seasonality of Q2 2019, which included the month of Ramadan, as well as Q1 2019 contained an improvement in the collection of government fees for the business and wholesale units that led to reversing related provisions and improving the profitably of Q1 2019.

Moreover, Mobily succeeded in increasing its EBITDA to reach SR1,221 million in Q2 2019, with YoY increase of 14.5%. The EBITDA increase is attributed to the growth of revenues, the improvement in operational performance and the implementation of IFRS16.

Capex in H1 2019 reached SR1,126 million, reflecting the company's continuous commitment to invest in its infrastructure and continue to develop its services, and improve the quality of services and customer experience.

In addition, Mobily substantially improved its H1 2019 operational cash flow (EBITDA-CAPEX) by 83.7% to reach SR1,368 million; contributing to the company's ability to deleverage its debt levels and meet its obligations to its creditors and suppliers. — SG