Etihad Etisalat Co. (Mobily) recorded higher gross revenue for the third successive quarter in Q2 2018, as a result of a strategy focused on boosting client base and monthly subscriptions, chief executive Ahmed Abou Doma told CNBC.
The telecom operator expects its prudent pricing relative to competitors to drive revenue growth going forward, he added.
Mobily’s total debt currently stands at SAR 12.1 billion; however, its robust cash flows will help repay loans ahead of schedule.
“The company is complying with the debt restructuring plan inked with local banks early in 2017,” Abou Doma said.
Mobily trimmed losses by 51.23 percent year-on-year (YoY) to SAR 172 million for the first half of 2018, driven by higher revenue and lower cost of sales on reduced termination rates.
The telco also posted a slight increase in H1 revenue despite market challenges.
For the second quarter, Mobily narrowed losses by 58.54 percent YoY to SAR 78.6 million on the back of higher gross profit, increased revenue and lower cost of sales.
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