Etihad Etisalat Co.’s (Mobily) net profit in Q1 2020 was buoyed by operating efficiency and continued revenue growth, chief executive officer Salman Al-Badran told Argaam in an exclusive interview on Wednesday.
The telecom operator’s revenue extended uptrend for the tenth consecutive quarter on a year-on-year (YoY) basis, and for the eight straight quarter on a quarterly basis.
Moreover, Mobily saw constant growth in its subscriber base, as well as the business unit and wholesale revenues.
FTTH active base also recorded significant growth in revenue for the first quarter of 2020, Al-Badran noted.
The telecom operator’s debts stood at nearly SAR 12.6 billion by the end of Q1 2020.
“The decline in financial charges was attributed to the refinancing agreements signed at the end of 2019 for Alinma Bank’s credit facility and the syndicated loan,” Al-Badran added.
The refinancing agreements reduced funding costs by 50%.
Speaking of the coronavirus impact on Mobily and the telecommunications sector, Al-Badran said the company is closely monitoring the current situation to ensure that the COVID-19 impact on operations will not exceed the minimum limit.
Meanwhile, the recent measures adopted by Saudi Arabia and other countries worldwide including the suspension of international roaming have weighed on the telecommunications industry.
Mobily has taken precautionary measures amid the COVID-19 outbreak and developed plans to ensure sustainability of operations, as well as the safety of its staff and clients.
On the other hand, Al-Badran said Mobily was still mulling opportunities to cut infrastructure costs, particularly with respect to non-core operations, noting that the installation and maintenance of telecom towers are not a key part of telecom services.
Mobily will continue to reduce these costs, and any related developments will be announced in due course, Al-Badran concluded.
In Q1 2020, Mobily’s net profit surged 93% YoY to SAR 130 million, Argaam reported.
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