Mohamed Yousuf Naghi Motors unveils Hyundai’s IONIQ hybrid

The new IONIQ is fitted with a 1.6 liter engine that produces 105 HP, while its electric motor generates 88 kilowatts equivalent to 120 HP, with maximum torque of 295 n/m.
Updated 01 January 2018
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Mohamed Yousuf Naghi Motors unveils Hyundai’s IONIQ hybrid

Mohamed Yousuf Naghi Motors Company (MYNM), Hyundai dealer in the Western region of Saudi Arabia, unveiled the first hybrid of Hyundai model “IONIQ” at the Saudi International Motor Show in Jeddah.
The show’s visitors had the opportunity to look at the first sophisticated hybrid electric smart car by Hyundai, which aims at contributing to a cleaner environment and reduce energy consumption. By introducing this new eco-friendly car, Hyundai stepped forward in its endeavor toward using alternative energy. The new hybrid IONIQ will be offered in three different variants.
Khalid Alharthy, national marketing operations and PR manager at MYNM-Hyundai, said at the launch of “IONIQ” that it is time to move forward in the automotive industry, and the IONIQ from Hyundai is the first step toward future intelligent driving. He said that while the company keeps up with modern development in automotive production on one hand, it meets the aspirations and requirements of the new generation of customers on the other hand.
The new IONIQ benefits also from three “clean” driving systems: The hybrid propulsion (an internal combustion engine with an electric motor), full electric propulsion and rechargeable hybrid engine (plugin hybrid), which will be available soon. With the IONIQ, MYNM-Hyundai offers its customers a variety of options including fuel-economy and eco-friendly cars.
The new IONIQ is fitted with a 1.6 liter engine that produces 105 HP, while its electric motor generates 88 kilowatts equivalent to 120 HP, with maximum torque of 295 n/m. The engine is fed by lithium-ion battery of 28 kWh that can drive up to 280 km in normal driving conditions, and more than 200 km in various driving conditions, at a maximum speed of 165 km/h. The Hyundai IONIQ electrical car accelerates from zero to 100 km/h, in sports driving mode, in less than 10 seconds.


Mobily cuts net losses by 61.5% for 9 months

Updated 23 October 2018
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Mobily cuts net losses by 61.5% for 9 months

Mobily reduced its net losses for the first nine months of 2018 by 61.5 percent. The telecom company cut its net losses in this period to SR202.9 million ($54 million) from SR527.2 million in the same period last year.

Revenues increased by 2.1 percent to SR8,703 million compared to SR8,524 million in the same period last year. 

This has been achieved despite the market, regulatory and economic challenges, including:

(1) The reduction of mobile termination rates.

(2) The continuous impact of the VoIP application on international calls revenue.

Taking out the impact of the decrease of mobile interconnection rates, revenues would have grown by 2.7 percent.

The gross profit increased by 4.5 percent to SR5,196 million for the first nine months of 2018 versus SR4,970 million in the same period of 2017. This is mainly due to the reduction of cost of sales as a result of mobile termination rates.

The company successfully improved its earnings before interest, tax, depreciation and amortization (EBITDA) to reach SR3,190 million compared to SR2,734 million for 2017, resulting in an increase of 17 percent. This is due to the company’s efficiency in managing its expenses, the reversal of certain provisions, and the implementation of IFRS 15 and 9. The EBITDA margin for the nine months reached 36.6 percent versus 32.1 percent for 2017.

Mobily’s Q3 2018 net losses reached SR30.9 million compared to SR174.4 million in Q3 2017, a decrease of 82 percent.

Mobily’s Q3 2018 revenues amounted to SR2,976 million versus SR2,805.7 million for Q3 2017, reflecting an increase of 6.1 percent.

This is mainly due to the improvement in consumer revenues, growth in FTTH sales and growth in business unit revenues driven by sales to government sectors. 

“This was achieved despite the market, regulatory and economic challenges including the reduction of mobile termination rates. By taking out the impact of the decrease of the mobile termination rates, quarterly revenues would have grown by 8 percent,” the company said.

Mobily succeeded in improving its EBITDA to reach SR1,088 million in Q3 2018 versus SR904 million in Q3 2017, an increase of 20 percent. This reflects the company’s efficiency in managing its operational expenses and the reclassification of SR84 million provision (built in Q1) from pre-EBITDA to post-EBITDA. 

This reclassification did not affect the calculated net losses.

EBITDA margin reached 36.6 percent for Q3 2018 versus 32.2 percent for the same quarter last year.