Mobily records robust organic growth, turns to profit in 2019: CEO

Etihad Etisalat Co. (Mobily) recorded bust operating performance in Q4 2019, reporting the highest operating cash flows since 2011, CNBC Arabia said, citing chief executive officer, Salman Albadran.

Mobily’s quarterly and annual financial statements underpinned its organic growth, as the company turned profitable in 2019 for the first time in 5 years, said Albadran.

“We have overcome numerous challenges last year,” he Albadran, adding that the telecom operator incurred SAR 93 million in Q4 2019, related to the financing agreement aimed at cutting cost of finance over the coming 3 years.

Also, a sum SAR 113 million related to a technical support agreement with Emirates Telecommunication Group Company (Etisalat) was settled in Q4 2019.

“Mobily seeks to secure high cash flows, and the decision related to paying cash dividend should be discussed by both the board of directors and the company’s shareholders,” Albadran indicated.

Mobily reported SAR 31 million in profit in 2019, versus SAR 123 million losses a year-earlier. It also posted SAR 125.08 million in losses in Q4 2019, versus net profit of SAR 79.95 million in the same period in 2018, Argaam reported.