Riyadh – Mubasher: Etihad Etisalat Company (Mobily) achieved a net profit of SAR 31 million last year, against losses of SAR 123 million in 2018, as shown by its annual consolidated financial results for 2019.
This is the first time in five years the telecom firm achieves a net profit, according to a statement to the Saudi Stock Exchange (Tadawul).
Revenues grew by 13.4% last year to reach SAR 13.45 billion as a result of the growth and improvement of subscribers’ base, growth of data revenues, and growth of business unit revenues.
Annual gross profit for 2019 amounted to SAR 7.8 billion, up by 18.5% from a total of SAR 6.58 billion in 2018, which the company attributed to the improvement in revenues, and the implementation of IFRS16.
