Gulf Advantage Automobiles promotes ‘The Voice Kids’ at the Saudi International Motor Show

The latest from Renault at the Saudi International Motor Show in Jeddah.
Updated 01 January 2018
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Gulf Advantage Automobiles promotes ‘The Voice Kids’ at the Saudi International Motor Show

Gulf Advantage Automobiles (GAA), importer of Renault, promoted “The Voice Kids” program for the first time in Saudi Arabia at the Saudi International Motor Show in Jeddah from Dec. 17 to 21, 2017. All visitors attending the motor show with their kids had the opportunity to reveal their children’s talents and receive valuable gifts.
Gulf Advantage Automobiles confirmed the importance of its participation at the Saudi International Motor Show to showcase the latest Renault models including the Duster SUV, the Captur Crossover, the Koleos SUV, the Talisman Saloon Megane sedan and the Electric Car Twizy. All Renault models offer attractive bargains with strength, safety, functionality, stylish designs, and innovative technology at the best competitive prices in the market.
GAA also expressed great delight to allocate for the first time a specific section of the motor show to “The Voice Kids” program for children to show their passion for music and their vocal talents in a meaningful initiative that confirms the company’s support and sponsorship of many popular programs bringing more joy and happiness to all.
Renault vehicles feature the ideal and perfect balance that combines attractive prices, high quality, and competitive advantages, in addition to the adoption of the highest safety standards. Renault vehicles are tested at Renault Middle East hub in the United Arab Emirates to conform to all weather conditions in the Gulf region, which made it the preferred and number one European automotive brand in Saudi market and earned it customers’ trust and confidence.


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.