Mobily posts SR80m net profit in Q4 2018

Mobily’s net profit for the fourth quarter of 2018 reached SR80 million ($21.3 million), compared to losses of SR182 million in Q4 2017.

The telecom company reduced its net losses by 82.7 percent for the year ending on Dec. 31, 2018, with net losses for 2018 amounting to SR123 million, compared to net losses of SR709 million for 2017.

The improvement is mainly due to the fact that Mobily continued to improve its revenues for the sixth consecutive quarter as Q4 2018 revenues witnessed a YoY growth of 11.9 percent, amounting to SR3,162 million, as opposed to SR2,827 million in Q4 2017. The annual revenue grew by 4.5 percent to reach SR11,865 million for the year 2018 versus SR11,351 million for the year 2017. This is mainly attributed to the growth of the subscriber base and an improvement of subscriber mix, data revenues, business unit revenues and FTTH revenues.

This was achieved despite the market, regulatory and economic challenges, including the reduction of mobile termination rates.

Taking out the impact of the decrease of the mobile termination rates, quarterly revenues would have grown by 14 percent and annual revenues would have grown by 6.5 percent, Mobily said in a statement.