Khaled Abanami, Mobily’s Chief Financial Officer
Etihad Etisalat Co. (Mobily) reported strong operating cash flow in H1 2021, CNBC Arabia reported, citing Chief Financial Officer (CFO), Khaled Abanami.
Accordingly, the firm continued to reduce its loan portfolio and fulfill its liabilities, he added.
Commenting on the company’s financial results, Abanami said the telco is committed to ensure strong cash flow, allowing shareholders and board of directors to pay cash dividend throughout the year, after fulfilling creditors’ and suppliers’ dues.
The domestic and global precautionary measures to curb the COVID-19 outbreak weighed on all business sectors over the six-month period, including the Saudi telecom operators.
Additionally, travel restrictions and limiting the number of pilgrims as well as visitors were among the challenges faced by the company. However, Mobily was able to capitalize on other business sectors, including state and commercial enterprises as well as data services.
Abanami attributed lower cost of finance to a slight decline in the Saudi Arabian Interbank Offered Rate (SAIBOR) during 2021, compared to the previous year. Mobily also was able to reduce debts by nearly 4% in Q2 2021, he added.
The Saudi telecom operator reported a net profit after Zakat and tax of SAR 470 million for the first half of 2021, an increase of 49% year-on-year (YoY).
The second-quarter net profit after Zakat and tax stood at SAR 244 million, up 32% from SAR 185 million in the year-earlier period, Argaam reported.
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