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Mobily reports revenue growth in Q2 2019

Mobily says it’s continued to grow its revenues for the seventh consecutive quarter in a row

Salman Albadran, Mobily CEO
Salman Albadran, Mobily CEO

Mobily has reported revenue growth for the seventh consecutive quarter to reach SAR 3.3 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.

In addition, the company continued delivering positive net results for the third consecutive quarter, as Q2 2019 net result reached SAR 37.77 million compared to a loss of SAR 78.62 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 SAR 1,221 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 SAR 1,126 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 SAR 1,368 million.