Etihad Mobily recorded a quarterly loss of 125 million riyals in the last quarter of 2019, compared to profits of 80 million riyals in the same period of the previous year. < / p>
According to Arabia Net, the results were contrary to the average analysts' expectations, as analysts expected the company to record a quarterly profit of 66 million riyals.
In addition, Mobily achieved a net profit of 31 million riyals in 2019, compared to a net loss of 123 million riyals for the fiscal year 2018.
The company attributed its annual profits to revenue growth, business sales, and an increase and improvement in the quality of the customer base, as well as an increase in data sales.
The shares of Etihad Etisalat Mobily incurred strong losses in Tuesday's trading, to react negatively to the results announced by the company, as the stock fell by 6.06% to 23.72 riyals, with active trading during the first hour of the session, amounting to 71 million riyals.
The company said: We were able to achieve a net profit for the fiscal year ending on December 31, 2019 for the first time in five years, as the company achieved a net profit of 31 million riyals in 2019 compared to a net loss of 123 million riyals for the fiscal year 2018, despite The amortization of the remaining portion of the previous financing fees for the Development and Co-financing Bank amounting to 93 million riyals as a result of signing the refinancing agreements, and recording the administrative fees due under a technical support and services agreement signed with the Emirates Telecommunications Company with an amount of 113 million riyals.
The company added that the main reason for achieving a net profit for the year 2019 is due to the strong revenue, as Mobily managed to raise its revenues by 13.4% to reach 13,450 million riyals for the year 2019 compared to 11,865 million riyals for the previous year.
